Suncorp Group Ltd
(ASX: SUN) Share Price and News
Introduction to Suncorp (ASX:SUN)
Suncorp Group is a banking and financial services entity in Australia and New Zealand. It is the 6th largest bank in Australia, only behind the so-called Big Four and Macquarie. It offers retail banking services under the Suncorp brand as well as several insurance brands including AAMI, GIO and Vero.
Suncorp's History
Suncorp's origins trace back to the early 1900s with the Queensland Agricultural Bank. In 1996, it was merged with Metway to form Suncorp. The Queensland government cashed out its 68% over the next few years.
It got into insurance substantially in the early 2000s, starting with AMP's general insurance interests. 2007 saw it buy Promina Group, a company that owned several brands including AAMI and GIO. 2022 saw it announce plans to sell its banking business and become a pure-play insurer. After nearly 2 years of battling competition regulators, the deal was approved in early 2024.
Future Outlook of Suncorp (ASX: SUN)
Suncorp is a better company for getting out of banking and focusing on insurance. Stocks like QBE (ASX:QBE) show that insurers can be good long-term investments.
Nonetheless, it has more risk than other insurers being exposed to the natural disaster-prone Queensland market.
Is Suncorp a Good Stock to Buy?
Considering Suncorp Group as an investment option reveals a complex picture. As noted above, getting out of banking was a good move, but it carries more risk than other insurers. Investors wanting exposure to insurers would be better off with companies like QBE with a more diversified exposure.
Our Stock Analysis
Goodman Group (ASX:GMG): It looks expensive, but can its expansion into Data Centers make it worth its high price?
Goodman Group (ASX:GMG), the ASX’s biggest industrial property player, is making a shift into the world of data centres. On…
ASX ETFs (Exchange Traded Funds): Here’s why they’re a good option for investors to consider, and here are our Top 4!
There are a variety of options available for investors looking to invest in the stock market, with ASX ETFs (Exchange-Traded…
Lovisa (ASX:LOV): How it has defied the demise of retail and why there’s more growth to come
The story of Lovisa (ASX:LOV), an Australian fashion jewellery retailer, is a compelling tale of strategic expansion and market mastery.…
Big Four Bank Stock Dividends: Which bank pays the highest?
Death, Taxes and Big Four Bank Stock Dividends…three certainties in life. Although the Big Banks’ dividends do not reach all…
MMA Offshore (ASX:MRM): A Surprising ASX Star, set for more growth in the next 12 months
Imagine a stock taking a giant leap where others just step – that’s MMA Offshore (ASX: MRM) for you. In…
Alumina’s Dramatic Turnaround: What’s Behind the Surprising Stock Surge?
On January 9, 2024, Alumina (ASX:AWC) witnessed an extraordinary increase in its stock value, closing at AU$0.98. This was the…
Frequently Asked Questions
Suncorp Group is a leading financial conglomerate in Australia and New Zealand, offering diverse services including insurance, banking, and wealth management. Founded in 1996, it's known for its strong market presence and commitment to customer service and community engagement.