Suncorp
Group
is
nearing
the
final
stages
of
implementing
a
three-year
strategic
plan,
while
digital
efforts
in
its
insurance
arm
are
helping
mitigate
inflation
costs.
The
group’s
half-year
2023
results
showed
a
net
profit
after
tax
up
44.3
percent
to
$560
million,
while
its
cash
earnings
were
up
62.9
percent
to
$588
million.
Meanwhile,
Suncorp
Bank’s
profit
after
tax
increased
28
percent
to
$256
million,
driven
by
solid
volume
growth
and
higher
margins.
Suncorp
Group
CEO
Steve
Johnston
said
the
results
“confirm
the
underlying
momentum
we
have
across
all
of
our
businesses
and
it
proves
the
FY23
plan
is
delivering”.
In
its
half-year
2023
results,
Suncorp
Group
said
its
strategy
and
FY23
plan
have
reached
the
last
delivery
stages
despite
working
against
numerous
global
events
such
as
La
Niña,
inflation,
the
pandemic
and
disrupted
supply
chains.
Its
FY23
plan,
first
unveiled
to
its
board
in
2020
and
then
first
outlined
to
the
market
in
February
2021,
consist
of
12
key
initiatives
aimed
at
“improving
the
way
we
deliver
insurance
and
banking
products
for
our
customers”.
Johnston
said
despite
challenges
its
“businesses
emerged
in
great
shape,
and
we
remain
confident
in
achieving
those
FY23
targets”
of
improved
financial
performance.
“Over
the
plan
period,
growth
momentum
has
continued
to
build
as
our
efforts
to
reinvigorate
our
brands,
to
refine
our
customer
value
propositions,
to
improve
their
marketing
and
simplify
our
product
portfolio
have
taken
effect,”
he
said.
“Our
pricing
engine,
CaPE,
has
been
rolled
out
in
Australia
to
our
mass
brands
across
our
home
portfolio”.
Deployment
of
CaPE
is
now
underway
in
motor
vehicle
insurance.
He
added
the
first
phase
of
its
new
SME
broker
platform
has
now
been
rolled
out,
providing
“enhanced
pricing
and
risk
selection,
improving
the
broker
experience
for
new
business
and
will
assist
us
in
our
ongoing
remediation
of
the
packages
business.”
According
to
the
business,
its
FY23
plans
have
also
delivered
a
boost
to
digital
sales
and
service
transactions,
and
streamlined
the
digital
purchasing
processes
using
geospatial
imagery
and
artificial
intelligence.
“We
continue
to
focus
on
making
digital
purchasing
easier
through
our
use
of
geospatial
imagery,
artificial
intelligence
and
removing
barriers
to
online
cell
service,
to
meet
customers
increased
appetite
to
interact
with
us
online,”
Johnston
said.
“The
strategic
initiatives
that
we
have
delivered
and
that
we
continue
to
deliver
set
the
group
up
well
for
our
future
particularly
as
we
emerge
as
a
pure
play
insurance.”
Johnston
said
its
digital
best-in-class
claim
program
“has
really
delivered”
with
the
“digitisation
of
our
claims
processes,
the
reach
and
depth
of
our
building
panel,
and
our
enhanced
disaster
response
capabilities”
playing
a
crucial
role
in
the
“operating
resilience
that
we
need
to
manage
a
changing
climate.”
ANZ
Banking
Group
sale
Johnston
said
the
sale
of
Suncorp
Bank
to
ANZ
Banking
Group
remains
on
track
with
the
ACCC
expected
to
announce
its
determination
by
June
this
year.
“The
first
step
in
the
approvals
process
with
the
sale
is
also
subject
to
approval
from
the
Queensland
government
and
the
federal
treasurer.”
He
said
Suncorp
will
“continue
to
work
constructively
with
ANZ
and
the
relevant
regulatory
and
government
authorities”
while
remaining
“intensely
focused”
on
its
bank
strategy
and
FY23
plan.
Johnston
added
the
group
will
continue
to
provide
updates
on
the
progress
of
the
transaction.
“We
will
also
look
to
provide
more
information
on
the
shape
of
Suncorp
as
we
emerge
as
a
pure-play
insurance
company.”
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