Suncorp says it’s well positioned to deal with the higher inflationary environment and continuing wet weather over coming months, and has reiterated benefits from the sale of its banking division.

“We remain confident in our ability to achieve our targets despite the challenges posed by inflation and the likelihood of a third La Nina weather pattern for part of this coming summer,” Suncorp CEO Steve Johnston told the annual general meeting on Friday.

Strategic investments have allowed the group “to stand apart” from elevated levels of inflation experienced by some competitors, while the recently renewed reinsurance program would put the company in good stead for the weather season ahead, he said.

“We are executing well and are now accelerating opportunities to leverage our scale to generate further efficiencies,” he said.

“Alongside a comprehensive pricing response, we aim to meet the challenge of inflation and protect margins and returns while continuing to deliver the valuable products our customers have come to expect.”

Chairman Christine McLoughlin told the meeting that ANZ’s offer for the bank was compelling and the transaction, agreed in July, was expected to yield net proceeds of around $4.1 billion.

“Overall, we are confident the sale will result in a stronger insurance and banking system for Queensland and Australia,” she said.

“Suncorp will have a singular focus as a dedicated Queensland-headquartered, leading Trans-Tasman insurer at a time when the value of insurance has never been greater.”

The next step in the process will be a submission from ANZ to the Australian Competition and Consumer Commission, with the regulator’s review expected to take “some months” from lodgement.

Ms McLoughlin says it’s still expected the transaction will be completed in the second half of next calendar year, and there will then be a two-year transition agreement.