Suncorp Has Become 'Much Stronger,' CEO Johnston Says

The transcript discusses the challenges faced by an insurance company, including bushfires and the pandemic, and how they have managed to remain resilient. It covers strategies to improve insurance margins, achieve a 50% cost to income ratio, and outlines a three-year transformation plan. The company is adapting to a low rate environment by focusing on efficiency and digitalization. The economic outlook is positive, with growth in insurance and banking volumes, and the company is focusing on organic growth.

What were the two major challenges faced by the company in the past year?

• Global pandemic and economic recession

• Bushfires and global pandemic

• Natural disasters and high competition

• High inflation and low interest rates

How did the company manage to maintain a strong position during the pandemic?

• By increasing prices

• By reducing workforce

• By having a strong balance sheet

• By acquiring new businesses

What is one strategy mentioned to improve insurance margins?

• Reducing customer claims

• Increasing marketing spend

• Repricing the home insurance book

• Expanding into new markets

What is the target cost-to-income ratio for the bank?

• 40%

• 50%

• 60%

• 70%

Which area does the company need to improve to achieve its cost-to-income ratio target?

• Home lending processes

• Marketing strategies

• Customer service

• Product development

What was a catalyst for the company's three-year transformation plan?

• Increased competition

• Technological advancements

• COVID-19 pandemic

• Economic recession

What is the company's fundamental principle for growth?

• Diversification

• Organic growth

• Acquisitions

• Partnerships