Suncorp records fivefold boost in insurance half-year profit amid spike in premiums
by Jonathan Barrett from World news | The Guardian on (#6JWSQ)
Increase to $203m more than compensates for falls in company's banking and personal injury divisions
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Suncorp has recorded a more than fivefold boost to its half-year profits derived from its insurance customers to $203m, even as households get squeezed by fast-rising premiums for home, contents and motor policies.
The Brisbane-headquartered company joins rival QBE in reporting greatly expanding profit margins derived from general insurance, a sector that is a standout contributor to recent inflation amid double-digit annual premium increases.
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