No insurers – in Australia or practically anywhere else – are particularly happy with their financial results this year, which is bad news all-round, particularly for insurance-buyers. All three major Australian-owned insurers have taken a pounding on equity markets, and it has shown in their results for 2001/02.

Suncorp’s profit slumped as weak equity markets dragged the figures down. The Brisbane-based allfinanz company’s net profit for 2002 was $311 million – 21% down on last year.

QBE also announced a flat result last week, but like Suncorp MD Steve Jones, QBE’s CEO Frank O’Halloran is confident that the current year will be much better. The weak equity markets pushed QBE’s interim profit down by 6% to $115 million. The stock market shambles led to a $60 million loss on equities, compared with a $22 million profit in the corresponding period last year.

The results came just a week after IAG announced a $25 million loss, thanks to investment losses of $98 million and despite an insurance profit of $278 million.