No 2 insurer, diversified financial services company Suncorp, has recorded an 81% increase in net profit to a record $281 million for the six months to December 2003.

Every one of the group’s businesses exceeded initial forecasts, with CEO John Mulcahy attributing it to the Brisbane-based group’s “diversified financial services strategy”, which he announced last June.

Suncorp’s insurance division posted a profit of $215 million before tax – a $143 million increase on its December 2002 result.  

Mr Mulcahy says the complete integration of the GIO acquisition contributed significantly to the improved results, as did favourable operating conditions.

“Our diverse business mix also means we are positioned to take advantage of favourable conditions in the sector and build on them to produce a strong profit performance for the full year.

“We are now in growth phase, growing each business in its own right and extracting the cross-sales and cost savings synergies from the operation of three integrated financial services businesses.”