Which insurer is banking on success?
The Commonwealth Bank’s insurance arm is earning its keep, posting an underlying profit of $111 million for last calendar year. The bank says its CommInsure business is now an important contributor to the bottom line.
The result represents an 18% improvement on last year’s insurance earnings in Australia and New Zealand. The company says it achieved strong improvement in premium growth and margins over the year.
These positives were only partly offset by an increase in investment spending by CommInsure over the year.
The bank’s overall result was up 19% for the year – clocking in at $2.27 billion after tax.
The result represents an 18% improvement on last year’s insurance earnings in Australia and New Zealand. The company says it achieved strong improvement in premium growth and margins over the year.
These positives were only partly offset by an increase in investment spending by CommInsure over the year.
The bank’s overall result was up 19% for the year – clocking in at $2.27 billion after tax.