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
5 Best Performing Penny Stocks to Buy in April 2025
Penny stocks are often seen as risky investments because of their volatile nature and low trading volumes. However, for savvy…
Which ASX Big four Bank Stock to Buy?
Let’s take a look at a question many investors would ponder: Which ASX Big Four Bank Stock to Buy? If…
Is free brokerage too good to be true? Here’s how stock brokers make money off you
Free brokerage is one of the key promises used by brokers to attract new clients. As one of the biggest…
Will the RBA Cut Rates in May? Here’s Why Markets Think It’s a Sure Bet
As May approaches, investor focus sharpens on the Reserve Bank of Australia (RBA) and the potential for a rate cut…
Is the ‘Trump Crash’ a Temporary Panic or the Start of Something Bigger?
In recent weeks, we’ve witnessed ‘Trump Crash’ – we’re talking about the market correction that has occurred since mid-February causing…
Atturra (ASX:ATA): With a $53bn market opportunity, is this Australia’s next big tech star?
As a company that listed in 2021, Atturra (ASX:ATA) has performed much better than many would have thought. While many…
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.