Suncorp says its general insurance arm continues to perform well after recording a strong set of first-half results.

CEO Steve Johnston told an investor forum last week the “underlying momentum” from the December half has carried through with months left before the current financial year ends on June 30.

“I am pleased to say that while the weather has continued to be challenging, this underlying momentum has continued into the second half,” Mr Johnston said.

“The rate and unit trends across [general insurance] both in Australia and New Zealand have continued.

“Our Q3 valuations across insurance point to continuing favourable experience at the long-sale portfolio and the overall adequacy of our [business interruption] reserving.”

Suncorp’s Insurance Australia arm reported a first-half profit of $258 million, up from $123 million a year earlier.

Mr Johnston also touched on the Federal Government’s $10 billion guarantee for a cyclone reinsurance pool for northern Australia, saying the insurer is ready to play a role in the design of the scheme.

“At Suncorp we stand ready to support the Government’s efforts to improve insurance affordability in northern Australia through the establishment of a reinsurance pool,” Mr Johnston said.

“In terms of the pool, it’s very early days but our discussions with the Government to date have been both constructive and well intentioned.

“As the region’s largest insurer, we understand the issues better than anyone and we’re looking to take an active role in helping design the scheme.”

Suncorp and the insurance industry at large have long opposed a reinsurance pool, preferring instead that the Government direct its resources into mitigation works, although Allianz has been in favour of it.

However, since the Government announced last week it would go ahead with the reinsurance pool, ending weeks of speculation, the insurance industry has pledged its support for the scheme.

Suncorp Insurance Product & Portfolio CEO Lisa Harrison, who also spoke at the forum, says the business will use a new pricing engine later this year for some of its home brands.

She says CaPE – acronym for Customer and Pricing Engine – will be a “huge positive” for the business.

“It will allow us to utilise real time data, it will allow us to utilise customer data and regularly update our risk selection factors,” Ms Harrison said.

“So that’s hugely important for us to get the appropriate balance in place in terms of both pricing for risk and being disciplined in pricing for risk and ensuring an optimal customer and unit outcome.”