Suncorp’s bank CEO Clive van Horen is set to leave the company before Christmas to take up a role in the superannuation sector, while an Australian Competition Tribunal hearing on the sale of the bank business to ANZ will take place in December. 

Group CEO Steve Johnston says Mr van Horen has played a key role in delivering on the bank’s strategic plan to improve performance over the past three years. 

“The bank is a well-regarded franchise thanks to the work undertaken to transform the business, and it is well positioned to continue this positive trajectory into the future,” he said. 

Separately, superannuation and investments firm Colonial First State announced it had appointed Mr van Horen as Group CEO, effective January 15. 

Suncorp expects the sale of the bank to ANZ can still be completed around the middle of next year, with both firms asking the tribunal to review the Australian Competition and Consumer Commission (ACCC) decision to reject the sale. 

“The tribunal, which is led by a Federal Court judge, has now been formed and will independently review all of the evidence that was before the ACCC and form its own view based on that material,” Chairman Christine McLoughlin told the annual general meeting held in Brisbane and online last week. 

“We expect the hearing to take place in December this year, with a decision likely to be made by the end of February.” 

Ms McLoughlin also told the meeting that Suncorp is exploring the considerable opportunities arising from the step-change in technology capabilities provided by generative artificial intelligence (AI). 

“Like the adoption of any technology, your board remains deeply alert to the importance of having adequate risk controls and data ethics principles to underpin such innovation,” she said. 

“This is why we are taking a strategic and prudent approach to managing both the usage of generative AI and understanding its potential application across our business.” 

Mr Johnston told the meeting reinsurance, inflation and the proportional impact of taxes and charges is contributing to premium gains, and that technology can deliver cost-saving efficiencies. 

“Creating the capacity to invest in innovation in product design and coverage is an essential part of the insurance affordability story,” he said. 

The insurer says it is also continuing to argue for increased investment in measures that help build a more resilient Australia and New Zealand.