Suncorp Group (ASX:SUN) has announced its FY cash earnings to be A$1,254 million, a substantial increase compared to A$673 million reported in the same period the previous year.

The company acknowledged that despite the challenges of the current operating environment it is navigating, they foresee ongoing margin improvement in the medium term as they witness higher renewal premium rates for their insurance business.

Their Gross Written Premium for Australia and New Zealand has seen a rise of 10.8% for FY23.

The group reaffirmed its commitment to support the ANZ in the tribunal regarding the ACCC decision.

Even though Suncorp predicts the system growth to slow for its banking business, the group is predicting an increase in separation and other costs of between A$575 million to A$600 million arising from the bank sale.

The company maintains a sustainable dividend payout ratio standing between 60% to 80%.

Along with these financial outcomes, it has also announced changes to its operating model, indicating that Suncorp will revolve around three core insurance functions namely: consumer, commercial & personal injury, and New Zealand.

Meanwhile, Suncorp Bank remains unchanged.

Suncorp Group is now expecting the sale of its bank by mid-2024.

Suncorp Group (ASX:SUN) is a leading finance, insurance, and banking corporation in Australia and New Zealand.