Suncorp Group has announced a planned leadership change, with current chair Christine McLoughlin AM (pictured right) set to retire from the board after the company’s annual general meeting (AGM) scheduled for Sept. 25.
Non-executive director Duncan West has been named her successor and will assume the role of chair immediately following her departure.
McLoughlin joined the board in 2015 and has served as chair since 2018. Her time at Suncorp has been marked by a shift in strategic direction, including the group’s exit from banking and life insurance to concentrate solely on general insurance. The transition included the sale of Suncorp Bank and the return of capital to shareholders.
“I am grateful for the trust and support of our shareholders throughout this journey. We have built a significantly more resilient business including investment in transformative technology,” McLoughlin said.
During her tenure, McLoughlin led efforts to refresh the board’s composition, aligning director expertise with the company’s evolving strategy.
She emphasised continuity in governance as part of the handover.
“Suncorp is well positioned to deliver on its ambition, and I am confident Duncan and our CEO Steve Johnston together will continue to lead the business successfully into its next chapter,” McLoughlin said.
“It is a privilege to have the opportunity to guide Suncorp as a dedicated general insurance company and continuing to deliver outcomes for shareholders, customers, and communities,” West said.
The leadership announcement follows Suncorp’s release of its 1H FY25 financial results.
The company reported a net profit after tax of $1.1 billion and gross written premium of $7.5 billion, representing a nearly 9% year-on-year increase.
These results included a $252 million one-off gain from the sale of Suncorp Bank, which enabled a $4.1 billion return to shareholders – $3.00 per share.
Suncorp also completed the divestment of its New Zealand Life insurance operations to Resolution Life in early 2025 for NZ$410 million plus surplus capital.
CEO Steve Johnston said the company has continued to execute on its priorities.
“We have delivered to our commitments, we are financially strong and resilient, and we have created future capacity to invest in initiatives to support our customers,” he said.
