Suncorp has no plans at present to withdraw from the wealth management market despite rebranding its business to Suncorp Life.
"Both Tyndall and our super and investments businesses are profitable," Suncorp group executive Geoff Summerhayes said.
"Tyndall had and continues to have net inflows - we won $460 million in new mandates in the first half of the financial year, and that trend has continued into the second half so the Tyndall business is performing strongly and is profitable," Summerhayes told InvestorDaily.
Both Suncorp's complementary businesses of asset management under the Tyndall brand and its super and investments business would continue to sit within the group's overall strategy, Summerhayes said.
Over the next 12 months, Suncorp plans to build its distribution reach in the external financial adviser (EFA) market, as well as grow its capability in both group and direct risk given the economic environment, Summerhayes said.
"Currently, 60 per cent of our in-force premium comes through EFAs, 20 per cent through group risk, 10 per cent through direct risk and 10 per cent through the bank," he said.
"Life insurance is where 60 per cent of our profit comes from, and we see that percentage of profit increasing as we further strengthen our life insurance capability and presence," Summerhayes said.
"We would like to have a more diverse in-force premium across all of those channels and so one of the key focuses will be in the direct risk market, growing our in-force premium by utilising the general insurance brands such as GIO, Apia and AAMI."
