Suncorp’s profit from continuing operations fell 7.2 per cent to $348 million during the fist half, weighed down by a surge of bushfire and hailstorm claims.

The insurance giant’s revenue fell 6.1 per cent to $7.05 billion for the six months to December 31, with its net result also hurt by lower reserve releases, an uplift in regulatory project costs, the impact of the low yield environment, and an increasingly competitive mortgage market

Suncorp reported a statutory net profit of $642 million – more than double the figure from a year ago – boosted by a $293 million gain on sale of its Capital SMART and ACM Parts businesses.

The company will maintain an interim dividend of 26 cents per share, fully franked.