Suncorp Group Ltd
(ASX: SUN) Share Price and News
Key Statistics
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
SECOS Group (ASX: SES) is winning the fight against plastic pollution
SECOS Group (ASX: SES) produces and sells plastic and sustainable packaging products in Australia, Malaysia, China and the US. The…
Weebit Nano (ASX: WBT): When technology is about to make money
Weebit Nano (ASX: WBT) has developed a non-volatile memory based on Resistive RAM (ReRAM) technology. There’s no shortage of articles…
Saunders International’s (ASX: SND) long-term uptrend is meant to last for a long time
Saunders International (ASX: SND) designs and constructs steel bulk liquid storage tanks, roads and bridges in Australia and the Pacific…
IVE Group’s (ASX: IGL) share price breaks above the pre-pandemic high level
IVE Group (ASX: IGL) operates as a holistic marketing company in Australia. It’s breadth of offerings range from idea generation…
Good Drinks Australia (ASX: GDA): Australians still enjoy craft beer
Good Drinks Australia (ASX: GDA) brews and sells beer, cider and other beverages in Australia. The company offers its products…
Smartpay (ASX: SMP) is a smart way to play the payments space
Smartpay Holdings (ASX: SMP) provides payment and transaction processing solutions for merchants and retailers in New Zealand and Australia. 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.