A punishing run of storms, floods and hail knocked a big hole in Suncorp’s annual profit even as the insurance giant made more money from its core insurance business. The owner of AAMI, GIO and Shannons booked a $1.03 billion annual profit, down 44 per cent from a year earlier. Investors shrugged off the profit plunge, sending Suncorp shares more than 4 per cent higher to $19.31 in early trade. Despite the damage, Suncorp’s insurance profitability landed at 11.8 per cent, near the top of the 10 to 12 per cent range it had promised investors. The cover provides up to $800m of protection a year and is designed to hold Suncorp’s weather bill to about $1.85b in nine years out of 10.