Nov 16 (Reuters) - Suncorp Group Ltd (SUN) :
- IMPACT OF COVID-19 ACROSS SUNCORP'S GENERAL INSURANCE PORTFOLIO FOR FIRST HALF OF FY21 FINANCIAL YEAR IS EXPECTED TO BE BROADLY NEUTRAL
- AS AT 30 SEPTEMBER, SUNCORP BANK HAD $3.0 BILLION OF LOANS UNDER TEMPORARY LOAN DEFERRAL ARRANGEMENTS
- NOW EXPECTS TO RECOGNISE A FURTHER $125 MILLION (PRE-TAX) PROVISION FOR POTENTIAL BI CLAIMS FOR FIRST HALF OF FY21
- REMAINS CONFIDENT INTENTION OF ITS BI POLICIES IS CLEAR AND THAT POLICIES DO NOT RESPOND TO PANDEMICS
- AWAITS NSW COURT OF APPEAL'S JUDGEMENT ON INSURANCE COUNCIL OF AUSTRALIA'S BI TEST CASE
- BI TEST CASE OUTCOME IS NOT EXPECTED TO AFFECT TOTAL BI PROVISION
- GROUP'S BI PROVISIONING SUFFICIENT TO COVER CLAIMS COSTS IN 90% OF POSSIBLE OUTCOMES
- ITS BI PROVISIONING IS SUFFICIENT INCLUDING IN EVENT OF AN UNFAVOURABLE JUDGEMENT FOR INSURANCE COUNCIL OF AUSTRALIA BI INDUSTRY TEST CASE
- CONSISTENT WITH RBNZ'S GUIDANCE, SUNCORP GROUP WILL MAINTAIN ITS CONSERVATIVE APPROACH TO CAPITAL MANAGEMENT
Source text https://bit.ly/38Ltxso
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