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
Investors are wrong about Blackstone Minerals’ (ASX:BSX) Ta Khoa project, but here’s why big things are coming in the next 6 months
Blackstone Minerals (ASX:BSX) and its Ta Khoa project have been misperceived by investors. You’d be forgiven for thinking BSX is…
Is the AI boom another dot com bubble?
Is the AI boom another dot com bubble? That is what many investors are wondering as AI (Artificial Intelligence) grows…
Propel Funeral Partners (ASX:PFP): The last surviving funeral provider on the ASX
It is said the only certainties in life are death and taxes and Propel Funeral Partners (ASX:PFP) is the only…
2024 has not been a great year for investing in uranium, but will yellowcake rebound in 2025 and which companies will perform?
Those who made the choice to invest in Uranium have endured a challenging year. Despite the fluctuating demand, economic pressures,…
Is it finally time to get back into ASX Office REITs now people are returning to the office in droves?
If you know another sector that has spent longer in the doldrums post the Corona crash other than ASX office…
The $8.8bn Chemist Warehouse Sigma merger is finally going ahead with the ACCC not killing it off
Nearly a year since the $8.8bn Chemist Warehouse Sigma merger was unveiled, it seems we finally got a definitive answer…
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.