The Suncorp Group has handed down its full year results, which includes solid growth within the IFA market serviced by the Suncorp Life business.
The Group as a whole has reported a net after tax profit of $780 million (up from $348 million last year), with Suncorp Life contributing a net profit after tax of $222 million (compared with $117 million in 2009).
One of the key outcomes highlighted by Suncorp Life CEO, Geoff Summerhayes, was the strong new business growth it experienced from the independent financial adviser (IFA) market:
“This is a very pleasing result for Suncorp Life, particularly in the IFA market, where we have grown our new business by 15%.”
early results have vindicated our decision… to refocus as a life insurance specialist
“We recognise we still have some way to go,” continued Mr Summerhayes, “… but early results have vindicated our decision made in 2009, to refocus as a life insurance specialist.”
“We are now focusing on leading the IFA market and building a Direct distribution business of scale. Watch this space,” he said.
