News: Suncorp bold new targets

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Suncorp’s (ASX:SUN) CEO, Patrick Snowball, has told investors today that he expects significantly big growth targets to be reached by the insurance company over the next three years.



At an investor update event, Mr Snowball outlined that the company’s general insurance arm is committed to an increase of at least 3 per cent in underlying margin by the end of 2012.



He also plans to double the group’s scale and profit footprint in New Zealand over the next three years.



Meanwhile, Mr Snowball told investors he plans to have more than one million regional bank customers by 2013, and increase the number of main bank customers by 50 per cent.



The company’s niche life insurance arm also aims to double new business volume within three years and reduce acquisition expenses as a percentage of new business premium.



Suncorp reported a profit of $227 million for the half year ending December 31, 2010.