UPDATE 3-Insurer Suncorp sees sharp profit drop, shares tumble

Newswire

(Adds analyst comment) By Mette Fraende SYDNEY, Aug 1 (Reuters) - Suncorp Ltd , Australia's No. 2 car and home insurer, warned profits will halve this year due to turbulence in global markets, sending its shares down as much as 18 percent to a five-year low. The bank is the latest in Australia to feel the effects of volatile global equity and credit markets, which many analysts fear will further undermine slowing economic growth. "It's another company indicating that they're having a ...

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