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
FBR (ASX:FBR): A good idea, but will it ever be much more than an idea?
FBR is not much more than a promise so far A robot that can build a brick house – a…
Healthcare Stocks on the Rise: Capitalising on Medicare Reforms
Are you looking to take advantage of the growing opportunities in the healthcare sector? Markets are once again focusing on…
Trump’s Wall Street Allies: Who’s Benefiting Big from His Return?
The financial markets and industries could undergo changes due to Trump’s presidential victory in the 2024 election. His pro-business agenda…
Nanoveu has become an AI player with its EMASS acquisition…and the potential upside is huge
Nanoveu is the newest semiconductor stock on ASX Years ago, the technology journalist Robert X (in his 1992 book Accidental…
Are Guzman y Gomez investors seeing the chickens come home to roost after its post-1HY25 results crash?
Guzman y Gomez (ASX:GYG) investors lucky enough to buy in at the $22-per share IPO are still sitting on a…
Here are 2 great ASX Electric Vehicle Stocks to Buy Now!
The question of which ASX Electric Vehicle Stocks to Buy Now may not appear to be one worth asking at…
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.