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
Amazon (NASDAQ:AMZN) Down 9%, Is Capex Becoming the Story?
14% Sales Growth, 128B Spend, Now What? Amazon has fallen about 9%. While we are holders of the stock, when…
The proposed Rio Tinto Glencore merger failed, here’s why and what it means for the companies!
The proposed Rio Tinto Glencore merger is off. The deal would have created the world’s biggest mining company, capped at…
Tech and AI Stocks Sell Off, This Reckoning Was Always Coming
The Tech and AI Valuation Reality Check When it comes to stock prices, they usually rise when fundamentals and earnings…
Here are 7 ASX stocks that overinflated during the pandemic and crashed; and where they are now
If you want proof the COVID pandemic was a crazy time, just take a look at a list of ASX…
SKS Technologies (ASX:SKS) Surges 8% on A$60M Contract Wins and FY26 Guidance Upgrade- Buy or Take Profits?
SKS Technologies jumps on new contracts and stronger margins SKS Technologies (ASX: SKS) jumped 8.5 per cent to A$3.83 on…
Does your stock suffer from governance issues? Here are 10 hidden red flags!
No investor would invest in a company with governance issues, but it can be difficult to spot red flags. That…
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.