Suncorp Metway has announced a record 61% increase in net profit for 2003/04 of $618 million, and most of it came from general insurance.

Banking, general insurance and wealth management showed a profit increase of $384 million from last year, although general insurance alone generated $456 million, showing an increase of 99.6% from last year.

Suncorp Metway CEO John Mulcahy says the year has been one of transition. “The company’s performance has been turned around as we have reaped the full benefits of the GIO acquisition, set ourselves a clear strategic path, lifted the performance of our banking business and driven new disciplines and improved practices throughout the group.”