Suncorp is aiming to “simplify” its ownership by moving the group into a non-operating holding company (NOHC) structure.

Chairman John Story says this is the next logical step in the group’s simplification agenda, and will help support its strategic plans.

“Much has already been done to align Suncorp’s legal and operating structure since the Promina merger,” he said.

“The internal reorganisation of our existing businesses under a NOHC is the next phase in this process and would provide the group with a number of benefits.”

Under the new structure, an ASX-listed parent non-operating holding company, Suncorp Group, will be established.

The group’s three major lines – general insurance, banking and life insurance – will also be aligned under separate non-operating holding companies.

These changes won’t change Suncorp’s board, management or governance and regulatory frameworks.

The move will be subject to a vote at a shareholders meeting in December.

Meanwhile, Ilana Atlas has been appointed as a non-executive director of Suncorp.

Mr Story says Ms Atlas has extensive financial services and legal experience, and a “significant record of success in areas which are critical to Suncorp”.