Insurance profit falls at CommBank
Commonwealth Bank’s general insurance division has taken a hit from the NSW floods, posting a flat earnings period for the full year to June 30.
The overall insurance net profit was up 18% to $215 million – and up 28% for the half year – but gains were restricted to growth in life insurance.
Net income in general insurance of $72 million was down $1 million from the previous year, and the second half fared much worse – down 33% on the previous period.
General insurance premiums for the year rose to $184 million from $169 million, the bank saying claims from the NSW storms had a greater financial effect than Cyclone Larry last year.
Commonwealth Bank reported an overall profit rise of 18% to $4.6 billion.
The overall insurance net profit was up 18% to $215 million – and up 28% for the half year – but gains were restricted to growth in life insurance.
Net income in general insurance of $72 million was down $1 million from the previous year, and the second half fared much worse – down 33% on the previous period.
General insurance premiums for the year rose to $184 million from $169 million, the bank saying claims from the NSW storms had a greater financial effect than Cyclone Larry last year.
Commonwealth Bank reported an overall profit rise of 18% to $4.6 billion.