Aligned the operating model to the new strategy: Suncorp Group Ltd (ASX: SUN) has aligned the operating model to the new strategy and is focusing on the customer, and aligned the cost base to deliver a more resilient business. SUN’s marketplace approach would connect more customers to the company by providing access to all products, all services and all brands through any channel. Moreover, SUN would shortly be announcing a new health offer, to provide the 9 Spokes solution for small business, a third party annuity offering for the mature customers, and AAMI Smartplates for Learner drivers. However, SUN has reported NPAT of $1,038 million in FY 16 against $1,133 million in prior corresponding period. This is due to the lower returns from investment markets and a reduction in reserve releases. The General Insurance underlying ITR is of 10.6% due to the increased cost of settling claims and lower investment returns and the total GWP increased by 1.8% to over $9 billion. On the other hand, Suncorp Bank net profit after tax grew 11.0% due to continued home lending growth, improved net interest margins and enhancing credit quality.
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