Suncorp Life CEO Geoff Summerhayes will leave his position on September 30, to be replaced by Vero New Zealand CEO Gary Dransfield on an interim basis.

However, the company will retain Mr Summerhayes until January 1 to represent it on the Financial Services Council board and handle outcomes from the Trowbridge report on the life insurance industry.

Mr Summerhayes says Suncorp Life has become a simpler and more focused business.

“There is good momentum within Suncorp Life,” he said. “It is performing in line with expectations, and customer and employee metrics are high.

“The time is now right for me to pursue other opportunities.”

Australian Prudential Regulation Authority data shows Suncorp Life lost $95 million after tax last year.