May 11, 2020 / 12:05 AM / 25 days ago

BRIEF-Suncorp Group Updates on Coronavirus Impact

May 11 (Reuters) - Suncorp Group Ltd:

* FY20 GROUP COSTS TO BE SLIGHTLY ABOVE $2.7 BILLION INCLUDING PAY AND LEAVE ENTITLEMENTS REMEDIATION

* NET IMPACT OF MTM ADJUSTMENTS WAS A $205 MILLION LOSS (PRE-TAX) FROM 31 DEC 2019 TO 31 MAR 2020

* “EXPECTS AN INCREASE IN LOSS OF RENTAL INCOME CLAIMS FREQUENCY AND SEVERITY”

* COVID-19 WILL HAVE SIGNIFICANT IMPACT ON CONSUMER MOTOR CLAIMS FREQUENCY

* COVID-19 WILL ALSO HAVE A SIGNIFICANT IMPACT ON CONSUMER MOTOR CLAIMS FREQUENCY AND LANDLORD LOSS OF RENT CLAIMS

* PRELIMINARY ESTIMATE OF COSTS TO REMEDIATE THOSE ELIGIBLE FOR ADDITIONAL PAYMENTS IS BETWEEN $40 - $70 MILLION

* COVID-19 NOT EXPECTED TO HAVE AN IMPACT ON LIFE INSURANCE CLAIMS IN NZ

* WILL RECOGNISE CIRCA $90M (AFTER TAX) NON-CASH IMPAIRMENT CHARGE FOR FY20

* IN RESPONSE TO COVID-19, SUNCORP BANK HAS INCLUDED A $133 MILLION MANAGEMENT OVERLAY WITHIN COLLECTIVE PROVISION

* RECEIVED THOUSANDS OF REQUESTS FOR FINANCIAL HARDSHIP FROM BOTH BANK & INSURANCE CUSTOMERS

* APPROVED $4.05 BILLION IN LOAN DEFERRALS Source text for Eikon: Further company coverage:

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