Page 12 - Australasian paint & Panel Sep-Oct 2021

NEWS
12
PAINT&PANEL
SEPTEMBER / OCTOBER 2021
WWW.PAINTANDPANEL.COM.AU
STRONG YEAR RESULTS FROM SUNCORP
BRIEFS
SUNCORP GROUP HAS ANNOUNCED A
strong financial year end 2021 result with cash earnings of $1,064 million, up 42.1 per cent. Group net profit after tax increased by 13.1% to $1,033 million.
Insurance (Australia) delivered its strongesttop-linegrowthsince2013,with gross written premium (GWP) up 5.5%. As part of the business’ focus on revitalising growth, its customer value propositions have been refined, new product features have been introduced and an additional in- vestment has been made in marketing.
The profit and loss impact from COV- ID-19 was broadly
neutral as reduced
motor claims fre-
quency was offset by
GOLD OUTLOOK FOR SCENIC
additional provisions to cover uncertain- ty around business interruption claims. In FY21, Motor was also up 7.0% sup- ported by both average written premium increases and unit growth.
The compulsory third party (CTP) portfolio experienced positive unit growth with customer numbers up sig- nificantly across Queensland, NSW and the ACT as a result of increased sales through the motor dealer channel and improved digital experience.
Suncorp Group CEO Steve Johnston said the result had been delivered against a challenging external backdrop of COV- ID-19andtheLaNiña
weather pattern.
I-CAR AUSTRALIA HAS AWARDED ITS
Gold Class Collision status to Scenic Smash fo Queensland.
“We decided to join the program as we recognised the need for ongoing knowl- edge and skills development,” said Luke Josling, director of Scenic Smash.
“In an ever-changing industry, we felt that keeping our staff at the forefront of training was essential to stay competitive and compliant. As we are also a Suncorp authorised repairer, we have met our re- quirements to align with the network.
“During our journey, we were able to utilise multiple learning pathways. This allowed a rounded learning expe- rience catering to different needs in the team. We rate the experience highly due to this as it made compliance re- quirements achievable for the team.
“As part of the multiple learning pathway, we utilised PPG as a training partner to complement our journey to gold. The skills, and training they pro- vided was above and beyond, giving a hands-on approach to the training and ongoing support.
“We would highly recommend I-CAR training to every business. We, like many other businesses that have com- pleted the training, not only plan to stay
Gold Class, but also plan to introduce additional training to staff to maintain the highest quality service,” said Josling.
Luke Josling, director of Scenic Smash, Queensland.
AKZONOBEL PUBLISHES RESULTS FOR SECOND QUARTER 2021
Despite the global COVID-19 impacts, the paint company is pleased with its second half results.
AkzoNobel CEO, Thierry Vanlancker, commented, “in view of the ongoing raw material inflation, we continue to take firm and necessary actions on pricing initiatives and maintaining our cost discipline, while remaining focused on serving our customers.” HIGHLIGHTS INCLUDE:
• revenue 26% higher than Q2 2020
• adjusted operating income 41% higher
than Q2 2020 and up 10% from Q2 2019
• volumes up 26%, mainly due to strong
end market demand.
IAG TAKES A $427M LOSS
IAG has reported a net loss of $426 million. The insurance giant’s final financial year 2020/21 results included:
A gross written premium (GWP) growth of 3.8 per cent, negligible COVID-19 impacts in the second half of the financial year (2H21); its net earned premium of $7,473 million showed a growth of 1.5% on last financial year.
An underlying insurance margin of 14.7%, included a second-half result of 13.5%. A reported net loss of $427 million, opposed to a FY20 net profit of $435 million, had a slight lift with a reported profit of $33 million in 2H21.
IAG stated the underlying results for 2021 followed expectations.
BURSON CELEBRATES 50 WITH MOVE SPONSORSHIP
Australia’s Burson Auto Parts extends the company’s 50th anniversary celebrations into regional Victoria, by becoming a partner of the Museum of Vehicle Evolution (MOVE) located in the rural city of Shepparton.
This community based, not for profit enterprise is creating a cultural heritage attraction for all motoring enthusiasts to visit and enjoy. Scheduled to open in August this year, MOVE presents the history of transport all the way from bicycles to motorcycles, cars and trucks, featuring a series of iconic vehicles that helped to build modern Australia.