Suncorp expects 3% growth in FY27
Key points
- Suncorp expects gross written premium growth to reach around 3% in FY27 following contract and currency impacts.
- A single lost commercial contract will reduce annual gross written premiums by $125 million, while a weaker New Zealand dollar adds a 70 basis point drag.
- The insurer plans to leverage recent investments in technology and artificial intelligence to drive future performance and growth.
Suncorp (ASX:SUN) updated its FY27 outlook, projecting gross written premium growth of around 3% following contract changes and currency headwinds.
The revised outlook reflects the loss of a single commercial contract valued at $125 million alongside a 70 basis point drag from a weaker New Zealand dollar.
"Having simplified the business, strengthened our core franchise and invested in modern platforms, data, artificial intelligence and resilience, our focus is now on leveraging those investments to improve customer outcomes, drive operational performance and deliver attractive shareholder returns," said Suncorp CEO and Managing Director Steve Johnston.
The full impact of the lost commercial contract will be reflected in the first half, resulting in full-year growth being weighted towards the second half.
The company stated that its underlying insurance trading result margin remains targeted in the top half of its 10–12% range.
Following the announcement, the Suncorp share price was unchanged at $19.76.
Suncorp operates as a pure-play Trans-Tasman general insurer following the simplification of its core operational business structure.
