Glossary of Terms
Operating functions
Suncorp has three operating functions - Insurance (Australia), Banking & Wealth and New Zealand. The operating functions are responsible for product design, manufacturing, claims management and end-to-end responsibility for the statutory entities within Suncorp Group
Other underwriting expenses ratio
Other underwriting expenses expressed as a percentage of net earned premium
Outstanding claims provision
The amount of provision established for claims and related claims expenses that have occurred but have not been paid