Suncorp says its multi-brand strategy remains key after starting this financial year as a pureplay general insurer following the sale of its bank and life operations.

The insurer expects 2025-26 gross written premium growth to be in the mid single digits as pricing moderates in line with easing inflationary pressures in some portfolios, including motor.

Home rates are still under pressure, despite lower reinsurance costs.

“In motor, the good news is that repair capacity has been restored and supply chain inflation has continued to moderate,” CEO Steve Johnston said at last week’s earnings briefing.

“It’s a slightly different story in home, with reductions in reinsurance costs being offset by the emergence of key risk factors inside the home, flexi-pipes and lithium batteries … these are issues that we can price for and we are pricing for.”

Suncorp’s net profit rose 52.3% to $1.82 billion last financial year as gains from the bank and life sale, along with lower than expected natural hazard costs, lifted earnings.

This financial year, the natural hazards allowance has been increased to $1.77 billion from $1.56 billion.

The underlying insurance trading ratio is expected to be in the top half of the 10%-12% range, supported by continued earn-through of higher premiums from prior periods and improved reinsurance market conditions.

Mr Johnston said the business looked at acquisition opportunities that came up but decided “they weren’t appropriate for us. Our preference is for organic growth. We’ve got the distribution firepower through our multi brand strategy.

“Our multi brand strategy remains a key differentiator – allowing us to access a broader customer base than any of our market competitors.”