Fitch has affirmed a stable outlook on Suncorp Group and its main operating subsidiaries, but says this is dependent on continued profitability in its non-life insurance businesses.

The ratings agency says the group’s Metway Insurance and Australian Alliance Insurance (the legal entity that includes Vero) have maintained the rating with their dominant market positions in Australia’s non-life sector and their operational performance.

However, it warns a downgrade could follow a significant slide in the non-life operations’ long-term results, particularly in conjunction with a weaker performance in the life or banking businesses.

“Profitability in the non-life operations is key to the group’s ratings,” Fitch said.

It says Suncorp Group also benefits from its large financial services footprint, including “solid non-life and life insurance businesses” and its core banking business.