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
Here’s why you’ll see more ASX biotechs focus on Asia in the years ahead!
Investors should expect to see more ASX biotechs focus on Asia in the years ahead. And there are good reasons…
Blinklab (ASX:BB1): Is this exciting company the next ResApp?
Blinklab (ASX:BB1), the conclusion to the response to a question of how you could help children with autism – a…
Here are 5 useful ways other than NPAT to measure a company’s performance
How can you judge measure a company’s performance other than through NPAT? NPAT (Net Profit After Tax) is a useful guide…
Which Stocks Are Impacted by the Rising Oil Prices as Israel and Iran Fight It Out?
The long-standing conflict between Israel and Iran has some deep-rooted political and regional aspects with tensions jumping back decades. One…
Why Interest Rates May Start Coming Down in November in Australia
Interest rate is the cost of borrowing money. But it can also be defined as the reward for saving money…
Highfield Resources (ASX:HFR) finally makes it to the big time
Highfield Resources could be a Unicorn in the making It was a long time in coming. Highfield Resources (ASX:HFR) started…
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.