Suncorp Group will consolidate its five general insurance licences into a single one following approval by the Federal Court.

Australian Alliance Insurance, originally called Vero Insurance, will become the one authorised general insurer and underwriter for all Suncorp Group GI brands.

The move to a single licence forms part of the group’s simplification program of work and will reduce the administrative and financial costs associated with maintaining five separate licences.

It is said to further reduce the complexity of the insurance operations and optimise capital and balance sheet efficiency.

Suncorp said the move to a single licence will not impact customers, policies or the brands.