Suncorp New Zealand, the company behind Vero, made a $316 million net profit after tax in the year to 30 June 2026, while its gross written premium fell 4.8%.
The insurer announced the result on 12 August in its FY26 financial result. Gross written premium was $2,756 million.
Suncorp says the fall reflects "softer market conditions and customer pricing responding to modest inflation and lower reinsurance costs".
Suncorp New Zealand includes Vero Insurance and Vero Liability, which sell through brokers.
It also has a joint venture with the New Zealand Automobile Association, called AA Insurance, which sells direct to customers.
Chief executive Jimmy Higgins said the result reflects "an increasing trend of more extreme and frequent weather events in New Zealand".
"Natural hazard claims were elevated this year, above Vero's annual allowance, following a series of major storms that had a significant impact on New Zealand communities," Higgins said.
The release doesn't say what Vero or AA Insurance will charge next year.
It is already looking at the coming summer. "With forecasters expecting a strong El Niño to develop over the coming summer, different parts of the country could face a mix of stronger winds, drier conditions and heavier rainfall," Higgins said.
He called it "a timely reminder that preparation can't wait until the next event is on the doorstep". Higgins said building a more resilient New Zealand "is vital to keeping insurance accessible and affordable for the long term".
The company also said it kept investing in its core pricing and underwriting systems.
It is also building new digital platforms meant to speed up claims processing. Higgins said AI gives the insurer "the opportunity to transform how we deliver insurance and respond faster when communities need us most".
Suncorp New Zealand employs over 950 people in 13 offices around the country.
