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
Clinical trial stages: Here are the 4 big hurdles that biotechs need to overcome
A biotech wanting to bring a drug or product to market has to clear various Clinical trial stages. In this…
Chinese tourists in Australia: Will they ever return in their pre-COVID 19 numbers or will tourist operators be left distraught?
Chinese tourists in Australia were important to Australia’s economy pre-pandemic. Spending peaked at $12.4bn annually. Six months since China re-opened,…
Here are 5 ASX stocks to give up on – if you haven’t wisely done so already
In this article, we recap 5 ASX stocks to give up on – if you haven’t made the correct call…
Is Rex (ASX:REX) doomed to fail?
Rex (ASX:REX) shareholders have done it tough. After launching capital city jet flights and thinking that business could become Qantas’…
How do interest rates affect stocks? Here are the 3 big ways
How do interest rates affect stocks? That’s a question that is particularly pertinent with interest rates being hiked at the…
Investing in private companies: Should stock market investors consider this or is it too risky?
The advent of investing platforms such as OnMarket and Birchal have made investing in private companies as easy as listed…
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.