Friday, November 17, 2017

Australia’s Suncorp life head quits

Geoff Summerhayes, the head of Suncorp’s life insurance arm, is leaving the financial conglomerate after spending seven years with the company.

Suncorp Group, the leading provider of general insurance, banking, life insurance and wealth management in Australia and New Zealand, said in a statement to the stock market that Summerhayes is planning to step down this September to pursue other business opportunities.

He will stay on as a consultant until early January 2016.

Reports said Summerhayes will be replaced by Gary Dransfield, the current head of Suncorp’s Vero insurance operations in New Zealand.

Summerhayes’s planned exit comes at a time when Australia’s life insurance sector is undergoing changes.

The Australian government earlier unveiled reforms, including caps on commissions for life insurance advisers.

Summerhayes was quoted as saying that the commission cap is one aspect of reform, but the government needs to implement an industry code of conduct and simplify products.

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