Suncorp Group has confirmed that chief executive officer and managing director Steve Johnston will take a short period of temporary leave while he recovers from a medical procedure. In an announcement dated March 27, the board said Johnston would be absent from his executive duties while he recuperates. “The board wishes Steve a speedy recovery,” Suncorp said in its statement. During Johnston’s leave, chief financial officer Jeremy Robson will take on the role of acting CEO. Executive general manager for strategy, corporate development, and investor relations, Neil Wesley, will serve as acting CFO for the same period. Suncorp has not specified how long Johnston is expected to be on leave.
Johnston has served as Suncorp’s CEO and managing director since September 2019, after more than a decade in senior roles across the group’s finance and corporate functions. He joined Suncorp in 2006 and has held a series of executive positions. Before his CEO appointment, Johnston was Suncorp Group CFO, responsible for financial reporting and management, legal and company secretariat, taxation, investor relations, corporate affairs, and sustainability. His earlier roles at the group included deputy CFO and executive general manager, investor relations, and corporate affairs.
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Outside Suncorp, Johnston holds positions in organisations connected to the insurance and financial sectors. He is a member of the Queensland Treasury Corporation board and began his term as chair on Jan. 1, 2026. He joined the Insurance Council of Australia (ICA) board as a director in August 2021 and became ICA chair in January 2025, giving him an ongoing role in industry advocacy and policy discussions.
Apart from the acting CEO and acting CFO arrangements, Suncorp’s broader executive team remains unchanged across its insurance and group functions. On the insurance side, Lisa Harrison is chief executive, consumer insurance, while Michael Miller is chief executive, commercial and personal injury insurance. In New Zealand, the group’s operations are overseen by CEO Jimmy Higgins. Group-wide corporate and control functions continue under existing leaders, including chief executive, people, legal, and corporate services, Belinda Speirs; chief information officer, Adam Bennett; and chief risk officer, Bridget Messer. The interim appointments for Robson and Wesley are intended to maintain day-to-day operations and financial oversight while Johnston is on leave.
The leadership announcement follows Suncorp’s results for the half year ended Dec. 31, 2025, when the group reported profit after tax attributable to owners of $263 million, compared with $1.1 billion in the prior corresponding period. The 76% decline in profit was primarily associated with higher natural hazard costs and lower investment returns over the half-year. Net assets decreased from $10.627 billion on June 30, 2025, to $10.120 billion on Dec. 31, 2025, a reduction of $507 million. The group said the change was mainly driven by payment of the 2024-25 final dividend and a $168 million on-market share buyback during the period, partly offset by total comprehensive income for the half.
Suncorp says its capital management framework aims to meet external and internal capital requirements and support business activity, while returning surplus capital to shareholders. The group targets common equity tier one (CET1) capital in the top half of its operating range of 1.025 to 1.325 times the Prescribed Capital Amount and uses dividends and buybacks to distribute capital it identifies as in excess of business needs. As of Dec. 31, 2025, Suncorp reported excess CET1 capital of $700 million to the mid-point of its target range after allowing for the 2026 interim ordinary dividend, down from $997 million on June 30, 2025, after adjusting for the 2025 final ordinary dividend. The CET1 capital ratio after ordinary dividends was 1.36 times the Prescribed Capital Amount, compared with 1.45 times at the prior balance date.
