A look at the Suncorp-Metway share price graph will tell us that the financial group is going nowhere as investors wait to see evidence that the new CEO, Patrick Snowball, can boost returns from a mix of business that has already disappointed.

Suncorp has a small banking business in Metway bank that has badly damaged the group with a high level of dud loans, especially to property in Queensland and NSW.

It also has a much larger insurance side that cost too much to assemble (especially the $7.9 billion Promina purchase in 2007) and has left the group overweight in general insurance and therefore very sensitive to high levels of claims, which is exactly what we have seen in Australia in the past three years with lots of bad weather events along the East Coast.

The company's wealth business is below scale and has also been hurt by the slowdown in the markets and the credit crunch, and the crunch has also cut returns from the insurance group's investments.

Profits are down, as are dividends, management has been changed, as has a large part of the board.

Mr Snowball has started changing the general insurance business with cost cutting and integration of businesses to try and improve returns.

That will produce more pain in the short term as Promina goes to a different model (through AAMI) for assessing and working on car insurance claims.

Yesterday, Suncorp's life business was out selling a new approach (to a very old business) with the aim of more than doubling new life insurance business over the next three years by building its presence in the direct sales and financial advice markets.

Suncorp Life chief executive, Geoff Summerhayes, told an investment conference that the company has strengthened and grown its presence in the independent financial adviser (IFA) market through its Asteron brand.

At the same time, the Brisbane-based company began building a direct distribution business by offering life insurance products through the Suncorp, GIO and APIA general insurance brands.

"Our strategy is clear," Mr Summerhayes said. "We are on track and have made excellent progress."

He said targeting growth in the life insurance division was part of Suncorp's plan to revitalise the company as a multi-brand financial services provider spanning banking, general insurance, wealth management and life insurance.

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.

The company also wanted to improve the disability claims experience through 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.

He said Asteron's position as a brand independent of the big four banks gave it an advantage among independent financial advisers (IFA).

Mr Summerhayes said "Asteron is a leading IFA brand in a market that is consolidating rapidly, with the disappearance of the Aviva, ING and potentially AXA brands.

"IFA distribution means Independent Financial Advisers and Group Risk.

"This is the source of $1.5bn of our $2.3bn in embedded value.

"It is fundamental that we protect and grow this channel," he said.

Suncorp shares dipped 11c, or 1.3%, to $8.31 yesterday.