SYDNEY: Suncorp Group revealed it was the latest of several large companies in Australia to underpay its workers, while announcing its banking unit expects to take a A$133mil (US$87mil) hit from the coronavirus pandemic.
Australia’s second largest insurer also said the wider group had taken a A$205mil in mark-to-market losses in the six months to March 31, while confirming its banking unit chief executive would depart after just three months.
The Covid-19 crisis has added to the woes of Australian insurers, which have yet to recover from a tumultuous summer as raging wildfires, drought and hailstorms led to a surge in claims that weighed on their margins.
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