Suncorp’s proposal to undertake a restructure has received approval from the Federal Treasurer as well as the Australian Prudential Regulation Authority.

The company plans to form a non-operating holding company called Suncorp Group that will be listed on the ASX.

It will be the holding company for the separate general, life and bank operating businesses that will report to the new parent Suncorp Group.

The general and life insurance companies will be restructured with each having a holding company that is owned by the ASX-listed entity.

The senior management of the insurance businesses will stay the same after the restructure, with Anthony Day as CEO Commercial Insurance, Mark Millner CEO Personal Insurance, Roger Bell as CEO Vero NZ and Geoff Summerhayes CEO Suncorp Life.

Chairman John Story says the new structure was the next logical step in the group’s simplification agenda, and would help support its strategic plans.

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

“The internal reorganisation of our existing businesses under a non-operating holding company is the next phase in this process and will provide the group with a number of benefits.”

These benefits are seen as simplification of the corporate structure and more transparency.

Shareholders will now vote on the proposal on December 15, and subject to legal approval the new structure will come into effect on January 7.