Suncorp is "not a particularly attractive target" for QBE and the insurance giant is unlikely to launch a takeover bid, Suncorp chief executive John Mulcahy told
The Australian.
Suncorp's banking and financial services made it "a complicated business" compared to QBE's general insurance focus, he said.
"I don't think they would see that as being an appropriate combination," Mulcahy told the newspaper.
Nor had QBE given any indication that it was interested in Suncorp, he said.