Suncorp has stood by its previous forecast for a “substantial” increase in profit for this financial year from $784 million last year, and expects to outperform the market.

In February the Queensland allfinanz group reported a net profit for the six months to December 31 of $413 million, up 47% on a year earlier.

Speaking at a conference last week, CEO John Mulcahy said he expects Suncorp will outperform the market in the longer term.

The former banker says Suncorp’s ability to offer banking, insurance and wealth management services is generating cost and revenue benefits not available to other institutions.

He says the trading margin within Suncorp’s general insurance arm will the long-term range of 11% to 14%.