Despite recording an underlying profit increase for last year of 7.2% to $491 million, Suncorp is keeping the lid shut tightly on any plans for overseas expansion within the next five years.

Releasing the results last Thursday, Suncorp CEO John Mulcahy told Sunrise Exchange News there are no plans to move into overseas markets in the immediate future.

“Suncorp has a unique business model and we will be looking to grow the banking business through our insurance base.”

Currently 50% of Suncorp business is conducted outside of Queensland and Mr Mulcahy says the company is looking towards expanding operations beyond the already established 40 branches outside the state.

He says the company will utilise telecommunications and the internet to process new claims and attract further clients. “We will be using other distribution methods to expand further in Australia rather then open more branches.”

Suncorp’s general insurance pre-tax profit for last year was down $14 million to $330 million while still maintaining an increase of 2.8% in gross written premiums.

Mr Mulcahy says Suncorp is not interested in playing the pricing game by reducing premiums to attract customers, but will maintain its competitive prices and services.

“We expect to see not a lot of rate growth across the general insurance industry.”