Suncorp (ASX:SUN) shares witness a significant decrease as much as 3.9% to a value of A$13.21, marking the largest intraday drop since March 20.

The insurance company announces a final dividend of A$0.27 per share, which falls significantly below the consensus expectation of A$0.40 per share.

SUN states that the reduced payout in FY23 is a result of delays in the sale of their banking division.

Last week, Australia’s competition regulator put the brakes on a buyout, worth A$4.9 billion, proposed by ANZ Group for the SUN banking branch.

ANZ and SUN have expressed intentions to seek a review of determination at the Australian Competition Tribunal, which, if approved, is expected to delay the completion until mid-2024 instead of the previously planned late 2023.

In addition, SUN releases its annual cash earnings of A$1.25 billion, showing an increase from A$673 million in the previous year and is in line with consensus estimates.

SUN’s shares show growth of 14.2% YTD, as of the last close.

Suncorp is a major insurance provider with a significant presence in Australia.