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Sale of Australian life biz impacts Suncorp FY'19 net profit after tax

Suncorp Group Ltd.'s full-year 2019 net profit after tax declined 83.5% to A$175 million from A$1.06 billion year over year.

Net profit after tax for the year includes a A$910 million after-tax noncash loss on the sale of its Australian life business netted against an A$11 million after-tax profit on the sale of the general insurance distribution business, Resilium.

Cash earnings were A$1.12 billion, compared with A$1.10 billion in the prior-year period. Cash EPS was 84.05 Australian cents for the year ended June 30, compared with 83.37 cents a year ago. Cash earnings included stranded costs, net of transitional services agreement, of A$13 million after the sale of its Australian life business and a below-the-function-line provision for remediation costs of A$60 million.

The Australian insurance business reported full-year profit after tax of A$588 million, down 13.7% from A$681 million in the previous year. The New Zealand insurance business' full-year profit after tax rose 81.5% to A$245 million year over year.

Suncorp Group's banking and wealth business reported full-year profit after tax of A$364 million, down 1.4% year over year.