(Adds more details about results from paragraph 2)
Aug 19 (Reuters) - Australian insurer Suncorp (SUN) posted an about 17% rise in its annual cash earnings on Monday, helped by positive net investment returns and higher returns on its interest-earning portfolio, and fewer-than-expected natural hazard claims.
The company's net investment returns rose 46.6% to A$661 million on the back of strong underlying yield on its interest-earning portfolio and stronger equity markets.
Its general insurance gross written premiums also rose 14% for the year to A$14.1 billion, underpinned by price increases which offset natural hazard and higher reinsurance costs.
The country's second-biggest insurer by market value recorded cash earnings of A$1.37 billion ($913.24 million) for the full year ended June 30, as compared with A$1.18 billion the prior year.
That missed a Visible Alpha consensus of A$1.52 billion.
($1 = 1.5002 Australian dollars)
News: SUN UPDATE 1-Australian insurer Suncorp's annual cash earnings rise on higher investment...
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$20.76 |
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Mkt cap ! $22.48B | |||
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