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
Why the government gave Iluka $400m for its Eneabba rare earths refinery
The Australian government has made the right decision in committing funding of $400 million for Iluka Resources to further develop…
Australian mortgage brokers write 75% of loans – here’s why that’s important to bank investors
Think of Australian mortgage brokers and the famous Aussie ads that concluded with John Symond’s catchphrase, ‘At Aussie, we’ll save…
Which will be the next ASX gold stocks to be acquired? Here are 3 possible candidates
Investors are wondering which will be the next ASX gold stocks to be acquired. There has been a flurry of…
Collins Foods (ASX:CKF): At less than 8x EV/EBITDA, this stock looks finger lickin’ cheap
Collins Foods (ASX:CKF) is one of the few opportunities for ASX investors in the fast food industry. It has a…
The Bitcoin price has surpassed US$100,000; and its all because of Donald Trump’s hire for the SEC
It finally happened – the bitcoin price exceeded US$100,000. It has been a spectacular run in 2024 with the digital…
Worley (WOR) – Now that Americans can drill, baby, drill, this company is in the box seat
Worley is a world leader that provides professional services to customers in the energy, chemicals, and resources sectors in more…
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.