(29 October 2012 – Australia) At Suncorp’s annual meeting on Thursday, chief executive Patrick Snowball said he would like to simplify the banking and insurance business while continuing to deliver growth.”There is plenty more gas in the tank,” Snowball said.
”We’ve only just scratched the surface in terms of the benefits of simplifying the business and there’s a lot more work for us to do yet.”
He said there had been many ups and downs, but the company was focused on restoring its credentials with shareholders and rewarding those who have stayed loyal to Suncorp.
For the 2011-12 financial year, Suncorp recorded a net profit of A$724 million, up 60 percent, while profit from business lines increased by 23 percent.
Suncorp, was hit hard by insurance claims from natural disasters, resulting in imposed significant premium increases on policyholders.
”It’s a fact that globally, the cost of insurance has increased for both consumers and insurers,” Snowball said.
”This is a factor of the environment, natural and economic, in recent years.”
The company had been able to achieve growth while continuing to deliver stable or improving margins across its business.
”I don’t think there are many businesses in this environment that can show top-line growth,” he said.