Suncorp Seeks To Double Life Insurance Business In Three Years

Banc-assurance group Suncorp-Metway is seeking to more than double the size of its current life insurance business over the next three years, as it expands its presence in direct sale and financial planning markets.

Geoff Summerhayes, chief executive of Suncorp Life says the insurer has managed to expand its presence in the independent financial advisory market, mainly through its Asteron brand.

Whilst building the brand, the Brisbane based insurer also began building a direct distribution platform and selling general insurance under the Suncorp, APIA and GIO brands.

“Our strategy is clear, we are on track and have made excellent progress.” Mr. Summerhayes said in a speech on Wednesday.

Suncorp has embarked on a strategy of revitalising the company by positioning itself as a multi brand financial services provider that offers banking, wealth management, life and general insurance, and has specifically targeted growth in the life insurance segment.

Mr Summerhayes said the division aimed to grow in-force premium by double digits on average over the next three years while aiming also to reduce costs.

Suncorp is also seeking to improve its claims experience by largely making improvements to the process.

Mr Summerhayes said the life insurance market had exceptional potential with double digit industry growth from the current $8.1 billion of in-force premiums.

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