Suncorp expects the Australian Competition Tribunal to deliver a decision by the end of February on the proposed $4.9 billion sale of the company’s bank to ANZ.

The companies in August asked the tribunal to review the Australian Competition and Consumer Commission (ACCC) decision to reject the bank sale. Suncorp expects the transaction can still be completed around the middle of next year.

“The tribunal, which is led by a Federal Court judge, has now been formed and will independently review all of the evidence that was before the ACCC and form its own view based on that material,” Chairman Christine McLoughlin told the annual general meeting held in Brisbane and online today.

“We expect the hearing to take place in December this year, with a decision likely to be made by the end of February.”

The company also said that Suncorp Bank CEO Clive van Horen will depart the group on December 24 to pursue an opportunity in the non-bank financial services sector.

Separately, superannuation and investments firm Colonial First State announced it had appointed Mr van Horen as Group CEO, effective January 15.

Mr van Horen, who joined Suncorp in 2020 after a decade at Commonwealth Bank, says he continues to believe “the proposed sale of Suncorp Bank to ANZ is in the best interests of the bank’s customers, people and the broader community”.

Ms McLoughlin also told the annual meeting that the insurance sector “faces into a period” of increased focus and scrutiny from government, regulators, consumer groups and the community as premium pressures are felt across the industry and by consumers.

The nation’s insured losses reached record levels last year and reinsurance costs rose to 20-year highs this year, with hikes of more than 20 to 30% for Australian insurers, she said.

Insurance has never been more import in a changing climate, the company is “very conscious” about passing on price increases, and is seeking greater efficiencies in its own business, Ms McLoughlin said.

“Importantly the group is continuing to invest in responding to our customers’ needs, including a commitment to exploring and designing a lower cost home insurance solution to help reduce the barriers to home insurance,” she said.

CEO Steve Johnston told the meeting reinsurance, inflation and the proportional impact of taxes and charges is contributing to premium gains. Suncorp recognises people and businesses can’t be expected to bear all the additional costs, and is focussing on greater efficiencies, such as in its claims program, he said.

“It’s why we continue to digitise and automate our business and invest in world-class technology. Creating the capacity to invest in innovation in product design and coverage is an essential part of the insurance affordability story,” he said.

“So too is advocacy.  This issue cannot be solved by the industry or governments alone. We must work constructively together. This is why we continue to argue for increased investment in measures that help build a more resilient Australia and New Zealand. The bottom line is, if we reduce the risk, we reduce the premiums.”

In response to shareholder questions on the Voice referendum, Ms McLoughlin said the company supported reconciliation and the Uluru Statement from the Heart.

“The referendum is one of the most important constitutional conversations in Australia’s history and each of us will make our own decisions independently at the ballot box, as is our democratic right,” she said.

“In relation to the Voice vote, it’s important to remember that the corporation, the company, is not entitled to vote. Suncorp has not provided financial support to campaigns related to the Voice referendum, however Suncorp is committed to supporting our people to learn more about the Voice to enable each person to make their own informed decision.”