Profit up

JUNE 2010

SUNCORP-Metway Limited’s (SUN) general insurance business has received a boost, with CEO Patrick Snowball expecting underlying profit margins to increase by 3 per cent over the next two years.

He attributes the expected growth to the group’s building blocks program, which involves the simplification of five projects and is set to deliver $235 million in annual benefits by mid-2013.

“Our insurance business holds a clear advantage over competitors because of its scale; its industry leading suite of brands; and the fact that we have end to end control of our own manufacturing, pricing and distribution channels,” he says.

“Our move to a functional model and single view of pricing and claims will ensure the general insurance business leverages scale advantages across all of its brands and unlocks the potential in functional capability that has not been realised to date.”

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