Suncorp is upbeat about its commercial business after a strong performance last financial year, with brokers central to its growth plans.

The commercial and personal injury division made a net profit of $422 million, up 10.8%, and delivered a 3.5% increase in underwriting profit to $324 million.

All four portfolios in the division posted higher gross written premium, with platform business gaining 11.5% to $590 million; commercial tailored lines 5.8% to $1.61 billion; compulsory third party 7.2% to $1.27 billion; and workers’ compensation 5.1% to $756 million.

“We are incredibly excited about the performance of our commercial insurance business … The business is so well placed in terms of the broker, the Vero broker positioning,” Suncorp CEO Steve Johnston said.

“We have an 8.9% market share [and] I think now an aspiration to grow that business both organically and potentially inorganically over time.”

Commercial and personal injury CEO Michael Miller says there are plans to “put some more price through” in the platform business, which refers to SME package and non-fleet commercial motor originated directly and through broker partners.

“Our growth there will come back a little bit over the next 12 months ... because again the margins aren’t quite where they need to be ... [we are] still confident that strategy is going to work very well.”

Suncorp says platform GWP was lifted by strong new business performance in commercial motor, which connected to the Steadfast Client Trading Platform towards the end of 2023-24.

“We have a clear strategy to connect to more broker platforms where it makes sense to do so as part of our ambition to grow commercial,” a spokeswoman told insuranceNEWS.com.au.