Stocks of the Hour: Suncorp, Transurban & Westpac

Insurance company Suncorp (ASX:SUN) reports a strong year with cash earnings of $1,064 million for FY21, up 42.1 per cent from the prior year. The improvement was driven by increased profit in Insurance Australia and Suncorp Bank. Shares in Suncorp Group (ASX:SUN) are trading 8.4 per cent higher at $12.85.

Transurban Group (ASX:TCL) reports a decline in FY21. Traffic declined by 9 per cent from FY19, following Covid-19 disruptions across all markets, with Melbourne and Greater Washington most affected. Shares in Transurban Group (ASX:TCL) are trading 2.3 per cent lower at $13.98.

Westpac (ASX:WBC) is set to sell its Australian life insurance business to TAL Dai-ichi Life Australia (TAL) for $900 million and enter a 20-year alliance for Westpac’s Australian customers to receive life insurance products. Shares in Westpac Banking Corporation (ASX:WBC) are trading 1.4 per cent higher at $25.47.

 
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Source: Finance News Network