Suncorp shares are taking a hit

James Knowler/Getty Images

Shares in Suncorp fell hard after announcing its annual results, saying it sees a cooling housing market ahead.

A short time ago, the shares were down almost 6% to $13.66.

Suncorp posted a 3.6% rise to $1.075 billion in net profit after tax for the full year but sees some risks emerging from the property market.

“We anticipate a cooling of house price growth nationally while Queensland will continue to benefit from an affordability advantage emerging,” the banking, insurance and wealth management group said when announcing its results.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.