Ceo Of Australian Insurer Suncorp In For Long Haul

Australian insurer Suncorp Group's chief executive Patrick Snowball says he wants to stay in the position until at least 2015 after a change to his contract terms that includes a pay rise.

Mr Snowball's contract was due to end on August 31, 2013, but will now move to a rolling contract, which will see his annual base pay rise from A$2.2 million (US$2.31 million) to $2.5 million from September.

The short term incentives Mr Snowball is eligible to receive also increase, from 100 per cent of his base pay to 125 per cent.

The 60-year-old took the top job at Suncorp in 2009 after a long career in Britain's financial services industry.

"When I took the contract, I'd actually never been to Australia in my life and I wasn't actually certain what I was getting myself in for," he said on Wednesday.

"However I'm really enjoying the job.

"I've got a great team of people, I think we've really straightened out and stabilised the business.

"Yes it is taking a little bit longer, and I want to make certain I finish off the job I started out to do.

"As far as I am concerned I am here until at least 2015."