Suncorp plans a $462M writedown, reduces growth targets

Suncorp Group (SNMYF), Australia’s largest general insurer by market value, is planning a A$500M ($462M) writedown due to rising insurance claims and customer competition.

The writedown will reduce net profit and cut capital by A$27M ($25M), although the insurer expects to pay a dividend of 60-80% of cash earnings.

As a result, the group lowered its top-line growth targets to 4-6% from 7-9%.

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