Suncorp Group CEO and MD Steve Johnston says actions taken to “reset” the business are paying off, after the insurer achieved strong earnings in the last financial year.

The Queensland-based business’s main insurance and banking operations achieved a 42% rise in after-tax cash earnings to $1.06 billion in the year to June 30.

“Our Australian insurance business delivered its best full year revenue growth in almost a decade,” Mr Johnston said at last week’s virtual annual general meeting.

“Good progress has been made in reinvigorating our brands and improving our customer offerings and marketing.

“The changes we’ve made to reset our business, and our disciplined approach to achieving our plan through a singular focus on these initiatives, is delivering.”

Mr Johnston says Suncorp is investing in pricing and risk selection through the rollout of its new pricing engine.

He says in the Insurance Australia division, the business is focused on revitalising growth, optimising pricing and risk selection, being digital-first in distribution, and best in class claims.

Mr Johnston in his speech also urged state and federal governments to agree on a national approach for the industry to respond to natural disasters ahead of the looming peak hazard season.

He says the industry needs National Cabinet to “turn its mind to this issue and put in place a framework for all insurance companies to safely get on with dealing with these claims”.

The matter has taken on increased importance in light of ongoing COVID lockdowns and restrictions, with the Insurance Council of Australia making a similar push earlier this month.

“We know we have far too many customers with valid insurance claims who we can’t get to given the current restrictions and lockdowns,” Mr Johnston said.

“And, as each day passes, we inch closer to the peak natural hazard season.”