Suncorp’s “one company, many brands” strategy will continue to drive growth under the leadership of new CEO Michael Cameron.
Tomorrow he takes the reins from Patrick Snowball, who will step down after six years running the financial conglomerate, according to a story on InsuranceNews.
“I’ve been closely involved in overseeing the group’s strategy and remain committed to the ‘one company, many brands’ model,” Cameron told last week’s annual general meeting in Brisbane.
He says Suncorp has a “fantastic organic growth opportunity”, with the model allowing it to offer a broad range of products and services.
Chairman Ziggy Switkowski says Cameron – who has been on Suncorp’s board for three years – has “understood and embraced our strategy”.
Despite a series of natural hazards including the Brisbane hailstorm in November and Cyclone Marcia in February Suncorp’s Group posted a net income of $1.23 billion, up 55.2% on the previous year.
Natural hazard claims reached $1.07 billion, $473 million above allowance. General insurance net income fell 25% to $756 million due to the larger-than-expected hazard claims, but other divisions performed well.
Snowball says the group has its “mojo back” after overcoming tough times marked by disunity among the various divisions. Retention rates are holding strong despite premium increases triggered by the weak Australian dollar, which has affected costs of car parts and home repairs, he says.
“Going forward, the Suncorp Group has significant growth momentum,” Snowball said in his final AGM as CEO. “The opportunities are many and varied, and we are ideally positioned to take advantage of them.”