Suncorp has lowered its growth forecasts due to a slowing economy, which it has partly blamed on years of political instability.
Outgoing Suncorp chief executive Patrick Snowball said confidence has been dampened by the uncertainty created by leadership challenges in the last two federal governments.
"Over the last six years we have had a very high degree of political uncertainty at a time when both the economy and of course the electorate were looking for guidance, direction and stability," he said.
"Without that, not only do consumers become unsettled and therefore tend to stop spending, but more importantly it makes it increasingly difficult for businesses to make long term investment plans because they don't know the environment in which they are making them."
Suncorp's profit rose 15 per cent to $631 million in the first half of the 2014/15 financial year, but it has downgraded its full year growth forecast from between four and six per cent to "low single digits".
"We are recognising the slowdown in the growth of the Australian economy and rebasing our growth aspirations to that," Mr Snowball said.
The downgrade also comes as Suncorp aims to grow its customer base in an increasingly competitive insurance market, meaning lower premiums and a fall in its income.
Profit in Suncorp's general insurance business, which includes the AAMI and GIO brands, fell more 11 per cent to $419 million in the six months to December.
The group's profit growth was driven by improved profits in its banking and life insurance operations.
Credit Suisse analyst Andrew Adams said Suncorp's growth downgrade was not surprising given the economic and insurance industry environment, and a flat outcome would still be impressive.
But Suncorp shares fell, closing 42 cents, or 2.9 per cent, lower at $14.00.
Mr Snowball also confirmed on Wednesday he will soon leave the company after more than five years at the top.
Suncorp's board is looking for a successor and expects to name a new chief executive by the end of 2015.
"I've always said I won't outstay my welcome," he said.
"It is nearing the time for Suncorp and I to part company."
SUNCORP LIFTS PROFIT BUT REVENUE FLAT
* Net profit of $631m, up 15 pct from $548m in 2013/14
* Revenue of $8.5b, up 2.5 pct from $8.25b
* Fully-franked interim dividend of 38 cents a share, up from 35 cents
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