Suncorp says it suffered a pre-tax net loss of $205 million in its investment portfolio for the March quarter on account of volatility due to the COVID-19 crisis.

Suncorp Bank will also take a charge of $133 million for the quarter in response to the group’s expectations of economic impacts from COVID-19.

The insurance giant is also expecting an increase in claims across its landlord policies for loss of rental income but has seen a decline in claim lodgements in the consumer motor insurance business since the introduction of mobility restrictions in March.