Suncorp is on the “right path” as it begins the next phase of strategy implementation under a revamped leadership structure that starts today, CEO Steve Johnston says.

As reported in a Breaking News bulletin last Wednesday, commercial and personal injury CEO Michael Miller has swapped roles with consumer insurance chief Lisa Harrison, and chief risk officer Bridget Messer has taken up the newly created position of CEO for customer, brand and digital.

“The structural changes … will ensure we are able to leverage our new platforms and AI capabilities to maximum effect,” Mr Johnston said at the insurer’s 2025-26 earnings briefing.

“I am more confident than ever that we are on the right path. We simplified the business, we invested in the core insurance franchise, we strengthened our resilience, and now we are entering the phase where we leverage those investments to create value for both customers and shareholders.”

He says the “important thing is … all the executives that are in the team are very familiar to the new portfolios as they were to the old … the breadth and the strength and the quality of the team will mean the transition will be reasonably seamless”.

Mr Johnston has reiterated confidence in Suncorp’s multibrand strategy, although some premium offerings such as GIO are “doing a bit tougher” in the current environment.

“You’ve just got to watch the TV … the marketing from some of the competitors has lifted materially through the last 12 months,” he said.

He says motor brand Bingle, launched during the covid pandemic, is growing by about 13%.

“That’s the brand we put up against some of the price challengers, and it picks up that opportunity for us ... the multibrand strategy continues to be one of the most effective parts of our arsenal in this environment.”

Asked if the industry does a poor job communicating premium changes to customers, Mr Johnston said: “The industry is aware of the challenge [Financial Services Daniel Mulino] has put to the industry around improving transparency, and I think that’s going to be an inevitable improvement that we’ll see. It’s just not easy to do … but it will need to get better.

“Obviously, we’d like to communicate better. We’d like customers to understand in more granular detail the components of a premium.

“It’s not an easy thing … a lot in insurance is very difficult to understand, particularly on the reinsurance side, and getting customers to understand the impact on their premium of things like reinsurance adjustments.”