Suncorp exceeded its A$1.77bn ($1.26bn) natural hazard allowance by A$254m and paid out more than A$10bn in claims. Despite that, the insurer reported a net profit after tax of A$1.03bn, and cash earnings of A$1.04bn.
In a statement by the company, Suncorp CEO Steve Johnston noted that the insurer had responded to 32 separate weather events across Australia and New Zealand in FY2026, including 18 declared natural hazard events over A$10m each, and managed more than 120,000 natural hazard claims.
“Going forward, Suncorp will have significant financial protection from a multi-year aggregate reinsurance cover which came into effect on 30 June,” said Mr Johnston.
“The aggregate cover is an important component for Suncorp post the bank sale, significantly reducing natural hazard risk and earnings volatility.”