Suncorp has recorded a record profit of $1.04 billion, and its insurance division was the main contributor.

The general insurance division achieved a before-tax profit of $691 million for the year to June 30 and a record trading ratio of 19.3% – surpassing the company’s long-term goal of 11-14%.

The result was particularly pleasing for the insurer, which has so far paid out $85 million in claims for Cyclone Larry in the region where the company dominates.

CEO John Mulcahy says the company performed strongly for the year despite intensifying competition and significant events.

“In this challenging environment, during which we also had to deal with Cyclone Larry, Suncorp responded in a measured and disciplined way to ensure its three businesses are well placed to compete.”

Mr Mulcahy says the performance of the insurance business is a testament to the way Suncorp managed the cyclone response.