Suncorp’s commercial business delivered a stronger performance last financial year, lifted by price increases and improved loss ratios.

The commercial and personal injury insurance division made an underwriting profit of $486 million, up 46.4% on 2024-25, while gross written premium gained 4.5% to $4.5 billion.

Within platforms, business package GWP growth was supported by the connection to an additional broker platform late in FY25 and continued growth in direct residential strata.

Tailored lines GWP growth was driven by commercial motor, along with new business momentum from the launch of Vero Specialty Lines products.

“This was partly offset by the soft rate environment, particularly in high-end property and professional and financial lines,” Suncorp said.

In compulsory third party, GWP growth benefited from price increases in the NSW and Queensland schemes.

“These increases are still earning through and we continue to engage with the Queensland government on the need for sustainable scheme pricing,” CFO Jeremy Robson said.

Workers’ compensation GWP rose 4.1% to $787 million, driven by stable retention rates of 86% and new business.

“We saw the margin expansion in both halves coming through CTP and workers’ comp off the back of the pricing changes that we’ve been putting through those portfolios,” Mr Robson said.

“That’s what drove most of the margin increase in commercial.”

Property, which makes up a small part of the commercial and personal injury portfolio, has recorded some rate reductions.

“We’ve seen rates down into the double digits, maybe 10%, but the market’s probably down closer to 20%, so we’ve done better than market,” Mr Robson said.