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
Manganese: Why People Should Pay Attention to This Critical Battery Mineral
Owning the atomic number 25 in the periodic table and playing a crucial role in the development of electric vehicles,…
Santos (ASX:STO): Is this the ASX’s best positioned oil and gas stock?
Santos (ASX:STO) looks to the best of the Big 3 ASX oil and gas stocks (the other 2 being Woodside…
Want to find good software stocks? Here are 4 important traits you need to look for
Software stocks have provided amongst the highest returns of any ASX sector. There have been plenty of success stories in…
Baby Bunting (ASX:BBN): FY25 will be better, but will investors give it the recognition?
Baby Bunting (ASX:BBN) is the poster child for what’s been happening retailers in a cost of living crisis…on steroids. This…
Cobalt: Why is it so important and what are its prospects over the next 5 years?
Of all the resources used in electric vehicles, cobalt is the most under-rated. Compared to other battery minerals, it is…
International Student Caps Are Reshaping Education Stocks: Which Ones Will Survive?
Government intervention has triggered most of the changes in the education sector especially in countries that are regarded as top…
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.