News: Suncorp profits hit

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Suncorp Group’s Limited (ASX:SUN) full year net profit has fallen to $491 million, down 32 per cent on last year’s result. 

 

The insurer’s net profit took a hit after the sale of its non-core bank earlier this year, resulting in an after tax hit of $632 million.

 

In the same period, revenue was $16.18 billion, a slight increase on the previous year.

 

The company says its simplification initiatives will continue to deliver benefits ahead of plan, providing $225 million in expected savings in fiscal 2015 and $265 million the following year.

 

Suncorp will pay a full year dividend of 55 cents per share fully franked plus a special dividend of 20 cents per share.