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
2 Opportunities in the ASX Utilities Sector
The ASX Utilities sector is coming back in fashion The following image is the weekly chart for the ASX200…
BrainChip (ASX:BRN): Welcome to the revolution!
BrainChip: Welcome to the revolution Imagine a computer chip that can genuinely learn all by itself in a way that…
Interested in ASX semiconductor stocks? Here’s how to play the semiconductor cycle through the ASX
Interested in ASX semiconductor stocks? Nearly every digital electronic device today is powered by semiconductors, which contain silicon and…
Why ASX gold stocks are due for a bull run
Gold prices are nearing a five-month high touched in the previous session, after strong U.S. consumer price data prompted a…
Bitcoin vs Gold
Bitcoin vs Gold: what is the better inflation hedge? In case you hadn’t heard, Australian investors have become excited…
We know it’s not very woke, but we still like oil and gas
Stuart Roberts from Stocks Down Under says he isn’t popular at cocktail parties, being a fan of oil. He sees…
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.