Queensland-based financial services company Suncorp has been hit by a one-off cost of $375 million following its merger with Promina.
The financial services group, however, has managed to achieve an extra $100 million in savings as a result of the merger.
The firm's pre-estimated savings of $225 million, has now increased to $325 million while the one-off implementation cost increased by $20 million.
"We have put in place a robust and disciplined integration plan that will ensure our integration targets will be delivered on time," Suncorp chief executive John Mulcahy said.
Mulcahy said that the business will provide an update of its integration process when it announces its first-half results at the end of February.
Promina and Suncorp completed their $7.8 billion merger in March 2007.
In September 2007, the merged group reported a lift in its profits. Overall the group achieved a profit after tax of $1.06 billion for 2006/07, up 16 per cent on the previous year.
Suncorp's wealth management business also reported a 28.2 per cent increase in its profit after tax, posting $91 million.
In December Suncorp's entire equities team left to establish a boutique.
