Suncorp Group Ltd's stock plummeted 5.12% during intraday trading on Friday, following the release of several financial updates that disappointed investors.

The Australian general insurer cut its gross written premium growth forecast for 2026 to approximately 2.7%, down from a previous forecast of 3%. The company cited a weak economy, a soft commercial market in New Zealand, and a marginal reduction in demand in Australia as reasons for the downgrade.

Further pressuring the stock, Suncorp expects its total investment income for FY26 to be between A$750 million and A$800 million, sharply lower than the A$1.23 billion reported last year. The company attributed this decline to rising bond yields resulting in mark-to-market losses. Additionally, Suncorp continues to expect natural hazard costs to be about A$250 million above its allowance for the fiscal year and warned that total reinsurance costs in FY27 are expected to be above FY26 levels.