Suncorp Metway down 40 per cent

SUNCORP-Metway recorded a 40 per cent fall in profits in 2008/09, following a disastrous year for the company’s insurance arm.

With a net profit after tax of $348 million, the full year profit before tax and the acquisition of insurance company Promina Group was $799 million. The company warned investors earlier this month that net profit would fall to $340-$360 million.

Acting CEO Chris Skilton, says Suncorp (SUN) has significantly adapted its business model in response to market challenges, but the board takes responsibility for poor financial results.

“We acknowledge and we take responsibility for the fact that shareholders will find the headline financial result disappointing, but it was also a year in which the group made considerable progress in reshaping each of our businesses,” says Skilton.

Patrick Snowball has since taken over as CEO.

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