Suncorp-Metway Ltd the Australian insurance and banking group has blamed major insurance claims and a volatile financial market for an 18 per-cent drop in the groups pre-tax profit.

Suncorp who is now Australia’s second largest car and house insurer also mention the effect of the purchase of its rival Promina 2007.

Acting chief executive Chris Skilton said ” the 2009 financial year had been particularly challenging for the Group with the combined effects of volatile investment and credit markets, subdued domestic economic growth and major insurance claims events across Australia and New Zealand impacting its businesses.”

Source Company release

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