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
Our 5 ASX Predictions for 2025! You’re Welcome
Our 5 ASX Predictions for 2025! Yes it’s that time of year. The start of a new one, where everyone…
ASX stocks will need to Climate report from 2025: Is this a big deal?
Like it or not, ASX stocks will need to Climate report from 2025. In other words, they will need to…
4D Medical (ASX:4DX) could become the next Pro Medicus, it’s a long way to the top
There’s not many Australian radiology companies that seek to conquer the USA, but 4D Medical (ASX:4DX) is one of them.…
Sherwin Williams (NYSE:SHW): Who said nothing good comes out of Cleveland?
Sherwin Williams (NYSE:SHW) is a near 160-year-old paint company from Cleveland, Ohio. This company is one we’ve been watching for…
Bellevue Gold (ASX:BGL): Meet Australia’s newest gold producer, newly minted in 2024!
Bellevue Gold (ASX:BGL) is Australia’s newest gold producer. It has timed its run pretty well given gold prices are booming…
Here are the 6 Best American stocks for Australian investors in 2025!
Here are the 6 Best American stocks for Australian investors in 2025! Eli Lilly (NYSE:ELY) If you thought Novo Nordisk’s…
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.