Suncorp is aiming to achieve gross written premium growth of 6-8% a year in its personal insurance business and to raise earnings by simplifying operations.

Total group simplification benefits will be $265 million in 2015/16, up from a previous estimate of $200 million, the company told an investor day last week.

Benefits of $225 million in 2014/15 will help Suncorp achieve a return on equity of at least 10%.

“The simplification projects outlined a year ago have made our policy systems more efficient, consolidated our legal structures and improved productivity,” CEO Patrick Snowball said.

The changes include consolidating general insurance underwriting for such brands as AAMI, Apia and Shannons, and improving procurement.

Suncorp has also committed to consistently meeting or exceeding an underlying insurance trading result of 12%.

The investor day was held at the new Suncorp-owned Q Plus joint-venture repair facility at Riverwood in southwestern Sydney, which is expected to process about 150 vehicles a week and achieve average savings of $500 per car.