The Federal Court has given Suncorp approval to consolidate its five general insurance licences into one.

CEO Patrick Snowball has previously identified consolidation as a plank of the group’s simplification program.

It will reduce the complexity of Suncorp’s insurance operations and optimise capital and balance-sheet efficiency, the group has told the Australian Securities Exchange.

Licences for AAMI, AAI, GIO General, Australian Alliance and Suncorp Metway Insurance will be consolidated under AAI as the authorised general insurer and underwriter for all Suncorp general insurance brands.