Brisbane-based Suncorp-Metway Limited plans to double its new life insurance business for the next three years by starting its services on direct sales and financial advice markets.

Chief executive Geoff Summerhayes of Suncorp Life reported that the company has strengthened and made its growth visible in the independent financial adviser (IFA) market with the help of its Asteron brand.

The company also began operating its direct distribution services by offering life insurance products through Suncorp, GIO insurance and APIA car insurance brands.

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

Mr. Summerhayes said the target growth for life insurance businesses is based on the company's plans to reach worldwide status as a multi-brand financial services provider in banking, general insurance, and wealth management and life insurance.

He added the division will work hard to double its digits on in-force premiums for the next three years while reducing costs.

Suncorp will also take initial steps to improve its disability claims experience.

Mr. Summerhayes added that the life insurance market is targeting to double the growth from the current $8.1 billion of in-force premiums.

He said the Asteron brand is well positioned and is an independent brand among IFAs.