Suncorp first-half net profit is set to increase by up to 45% after rising investment income and benign weather helped propel higher returns from general insurance.

The company last week forecast preliminary expected net profit of between $355-375 million for the six months to December 31, against $258 million in the same period last year. The detailed results will be released on February 24.

Suncorp says the improved result is primarily due to a strong contribution from the general insurance business, “which has benefitted from more favourable weather conditions and enhanced returns from the investment portfolios”.

A drive for greater efficiency is anticipated to further embolden the bottom line in coming months following the appointment of CEO Patrick Snowball last September.

Mr Snowball flagged a period of restructuring last October when he told the Suncorp AGM the company was encumbered by “too many systems, too much complexity, and too much cost”.