Suncorp Group’s Limited
(ASX:SUN) full year net profit has fallen to $491 million, down 32 per cent on last year’s result.
The insurer’s net profit took a hit after the sale of its non-core bank earlier this year, resulting in an after tax hit of $632 million.
In the same period, revenue was $16.18 billion, a slight increase on the previous year.
The company says its simplification initiatives will continue to deliver benefits ahead of plan, providing $225 million in expected savings in fiscal 2015 and $265 million the following year.
Suncorp will pay a full year dividend of 55 cents per share fully franked plus a special dividend of 20 cents per share.
