Suncorp Rewards Shareholders For Profit Increase

Shareholders of Suncorp Group are going to receive bonus dividends after the company met a 60 percent increase in its annual profit.

The firm, which is one of the leading insurance and banking companies, made $724 million, a huge jump from its $453 million profit last year. Suncorp says that when it focused more on insurance in the last few years of its operation, profits rose to good results.

Shareholders will receive fully-franked dividend at 55 cents per share, up from its 35 cents per share in the previous year.

The company, however, has yet to release its financial guide for the 2012 to 2013.

According to reports, its insurance business increased to $493 million from the year to June, with premiums written at 9.3 percent gross or $7.96 billion. Claims were at $278 million for natural disasters, which was well over company’s allowance.

In the financial year of 2012 to 2013, the company has increased its allowance further to 12 percent.

The banking operation of Suncorp, meanwhile, was at $26 million, down from $84 million the previous year.