CANBERA (dpa-AFX) - Australian insurer Suncorp Group Ltd. (SNMCY, SUN.AX) announced on Thursday that it expects gross written premium growth of around 3% in fiscal 2027, citing the loss of a large commercial contract and the continued weakness of the New Zealand dollar.
The company said the loss of a single commercial contract would reduce fiscal 2027 gross written premiums by $125 million, while the weaker New Zealand dollar is expected to reduce growth by about 70 basis points when translated into Australian dollars.
Suncorp said the full impact of the commercial contract would be reflected in the first half of fiscal 2027, resulting in gross written premium growth being weighted toward the second half of the year.
The insurer said there was no other change to its fiscal 2027 outlook and that its underlying insurance trading ratio margin is still expected to remain in the top half of its 10% to 12% target range.
Shares of Suncorp were down 1.16% to A$19.53 on ASX.
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