In an effort to simplify the business, Suncorp Group CEO Patrick Snowball has announced the group’s intention to sell 50% of its participation in the joint venture insurance arms of two automobile associations back to the motoring clubs. The affected clubs are the Royal Automobile Association of South Australia (RAA) and the Royal Automobile Club of Queensland (RACQ).
“While the joint ventures have proven to be good investments for Suncorp, the next phase of our development requires a full time focus on our core operations,” Snowball commented.
Suncorp plans to exit the joint ventures with RACQI and RAAI before the announcement of their full-year results scheduled for August 2010.
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