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
Crypto Under Trump 2.0: Will His Policies Fuel or Hinder Digital Currency Growth?
With the prospect of Trump coming back into the White House right on the horizon, the interest in his stance…
Wesfarmers (ASX:WES): A safe haven when inflation was at 40-year highs; but is it a growth opportunity now?
As retailers announced downgrades left right and centre during the cost of living crisis, Wesfarmers (ASX:WES) was an exception. Its…
Top ASX Retail Stocks for 2025: Here Are Our 5 Picks!
Here Are Our 5 Top ASX Retail Stocks for 2025! Baby Bunting (ASX:BBN) Baby Bunting has bottomed out from…
Trump’s National Emergency Declaration: What Does It Mean for Oil and Gas Stocks?
On 20 January 2025, President Donald Trump declared a national energy emergency, marking a significant shift in U.S. energy policy.…
Analysts aren’t optimistic about iron ore prices in 2025, will they be right and what will it mean for iron ore stocks?
In which direction will iron ore prices in 2025 go? Chinese trade data would suggest upwards, and indeed prices jumped…
Paradigm Biopharmaceuticals’ flagship drug Zilosul will be in Phase 3 in 2025
Paradigm Biopharmaceuticals (ASX:PAR) has been listed for nearly a decade with the goal of bringing its flagship drug pentosan polysulfate…
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.