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Suncorp Group Limited (ASX:SUN) has hiked its dividend and announced a special dividend after its net profit soared 49 per cent in the 2014 financial year.
The Brisbane based insurance company reported a net profit of $730 million as revenue rose just over 1 per cent to $16.4 billion.
Suncorp says the strong result was delivered through top-line growth, improved margins, operational efficiencies and favourable natural hazard and investment markets.
CEO Patrick Snowball has highlighted simplification initiatives as drivers behind an expected $225 million in savings this financial year and $265 million in the following 2016 financial year.
A fully-franked final dividend of 40 cents per share has been declared in addition to a special dividend of 30 cents per share, both to be paid on October 1 2014.
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