Why did Suncorp perform so poorly?

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Suncorp Group has performed particularly poorly compared to others in the life insurance market, according to data published by actuary and research firm Plan For Life – but the life insurance company is keeping mum as to what happened.
 
In a report revealing growth in the life insurance risk market for the 12 months to September 2013, AIA Australia performed the best with 20.1% growth, BT/Westpac was next best with 18.5% growth and TAL recorded the third-highest growth rate with 15.7%.
 
Suncorp was the only life insurance company out of the nine measured to experience negative growth, recording a decline of -10.8%.
 
But nobody from Suncorp, which has a 4.6% market share – would comment on why it had fared so badly over the year.
 
“Unfortunately I am not able to provide commentary so close to half-year results being announced,” a spokeswoman told Wealth Professional.
 
Those half-year results will be announced on 19 February, she said.
 
But when Wealth Professional contacted Plan For Life to provide explanation on the unusually poor result, senior manager Daniel Morris said Suncorp “a short time ago” told the research firm they had provided incorrect data, despite having confirmed that data before results were released.
 
Updated data will soon be provided, Morris said. 

Suncorp recently appointed Steven Degetto as its new head of third-party intermediaries business to replace outgoing executive Steven Heavey. Degetto has been acting head for the past three months.

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