Suncorp Life posts $125m full-year profit

Posting its results on the ASX today, Suncorp Group said its life insurance business had recorded a net profit after tax of $125 million, a 35.9 per cent increase on the previous year and an underlying net profit after tax of $113 million.

This result was attributed to positive claims and lapse experiences throughout the year and a focus on cost control with operating expenses down 7.3 per cent, according to a statement from Suncorp.

Suncorp’s insurance business also saw annual in-force premiums increase to $970 million, with total in-force premiums up 6.5 per cent.