Suncorp Group Limited (ASX:SUN) says it’s performing above expectations.
In a presentation to investors, the general insurance business confirmed it is on track to meet growth targets.
Chief executive Patrick Snowball says, its insurance business has been de-risked and simplified to focus on the domestic Australian and New Zealand markets.
Suncorp’s $275 million simplification program is expected to deliver annualised benefits of $200 million from full-year 2016.
The insurer announced earlier this month it would cease offering new policies to some regional towns in Queensland affected by major flooding in recent years.
In the first half of the 2012 financial year, Suncorp posted a net profit of $390 million.
