Promina executives found to be surplus to requirements following the $7.9 billion merger with Suncorp last year were the main beneficiaries from an $8 million severance payouts bill.

A Suncorp spokesman told insuranceNEWS.com.au the severance payments were part of the executives’ existing Promina contracts before the merger took place.

“We were obliged to meet those contractual conditions upon change of control,” she said. “The overwhelming majority of Suncorp and Promina senior executives in place at the time of the merger are still employed by the group.”

Those who left the company following the takeover included former Vero CEO Duncan West – now CEO of CGU – who received $2.6 million in severance pay, and former Promina CFO Harold Bentley.

Despite having already flagged his intention to retire prior to the merger, Mr Bentley received a $2.6 million payout.

Former AAMI CEO Michael Kay received $1.2 million when he left last October, while $1.05 million went to Suncorp’s Group Executive Wealth Management Dennis Fox, who retired in May this year.

“All four executives were contractually entitled to these payments,” the Suncorp spokesman said.

Diana Eilert, the former Group Executive of Suncorp’s general insurance division, received $675,000.