Suncorp rebounds

SUNCORP shares have jumped to their highest level since 2007 after the insurer sold its life insurance business and showed a strong turnaround in second-half performance.

Queensland-based Suncorp reported a drop in full-year profit of 1.5 per cent to $1.059 billion, driven by a rise in operating expenses, regulatory costs and claims.

The insurance giant’s revenue was down 11.2 per cent to $15.452 billion for the year ended June 30.