Insurance sunshine to Snowball
Insurance, not banking, was the topic on the mind of Suncorp chief executive Patrick Snowball at the company's annual meeting, held in Brisbane yesterday.In the ASX version of his speech, Snowball made only one mention of the finance part of his business, and only because he had to recite a list of the five divisions he manages; the other four all being the vital insurance divisions.John Story, the chair, reminded the AGM that the business bank, now in run off, cost Suncorp $224 million, accounting for almost all the retail bank profit of $268 million.