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Hailstorm dents CBA’s insurance profits

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Commonwealth Bank’s insurance income dropped 39% in the December half due to the Sydney hailstorm and other weather events in NSW and Victoria.

Income on a cash basis slipped to $68 million from $112 million in the corresponding period of 2017.

Commonwealth is completing a strategic review of its general insurance business, which may lead to a sale of the operations. The bank is also finalising the sale of its Australia and New Zealand life insurance businesses to AIA Group.

The New Zealand deal was wrapped up last year, while the sale of CommInsure Life in Australia is expected to be completed in the first half of this year.