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
Ai-Media (ASX: AIM) can translate into solid returns
Who is Ai-Media? Ai-Media Technologies (ASX: AIM) provides technology-driven captioning, transcription and translation products and services in Australia, New Zealand,…
Cettire’s (ASX: CTT) share price has broken the downtrend
Who is Cettire? Cettire (ASX: CTT) is an online luxury goods retailing business currently selling to markets in Australia, the…
Judo Bank (ASX:JDO) is why the Big Four ‘dinosaurs’ are roaring
Let’s have a look at one of the major disruptions occurring within the financial services industry – and we aren’t…
AMA Group’s (ASX: AMA) share price has broken out of a reversal triangle pattern
AMA Group (ASX: AMA) provides automotive aftercare services and accessories in Australia and New Zealand. The company has a network…
Estia Health (ASX: EHE): Making money off a strong recovery never gets old
Estia Health (ASX: EHE) provides aged care services in Australia. The company operates 68 residential aged care homes in total,…
Michael Hill’s (ASX: MHJ) FY22 results put its share price back on the uptrend
Michael Hill International (ASX: MHJ) sells traditional and fine jewellery through its 280 stores across Australia, New Zealand and Canada.…
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.