Brought to you by:

… while Fitch affirms A+ rating

Fitch Ratings has affirmed Suncorp’s A+ rating following a review of the group, saying the insurer’s outlook is stable.

The ratings agency says the rating reflects a prudent approach to risk selection and reserving, and an “adequate” level of capitalisation.

“Suncorp’s disciplined approach has it well-placed to capitalise on its acquisition of Promina which at the time was the third-largest general insurer in Australia,” Fitch said.

The integration with Promina is ahead of target after last year’s merger, with expected annual synergy benefits up from $225 million to $325 million.

Fitch says Suncorp’s projected full-year insurance trading result of 9-12% would be a good result following a difficult second half last year dominated by weather-related claims.