Suncorp (SUN) has seen its shares drop to the lowest point in a year after the company reported a drop in profits. The banking and insurance giant's half-year results revealed that the company's profit after tax from ongoing functions now sits at $396 million – a 6.2 per cent decrease from the $422 million from the same time last year. However, Suncorp's net profit after tax (NPAT) jumped 156.8 per cent from $250 million to $642 million. This is partly due to the sale of the company's Capital SMART & ACM Parts business. The company also had growth in its home and motor portfolios sectors after years of market share losses. Over this half Suncorp had seven natural hazard events across Australia and New Zealand and three subsequent events in Australia in 2020. Primarily resulting from the bushfire crisis, a total of 42,219 claims were lodged in Australia with an additional 3260 lodged in New Zealand.