Suncorp Group

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Suncorp Group Limited
Company type
Public
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HeadquartersBrisbane, Queensland, Australia
Area served
Australia and New Zealand
Key people
Christine McLoughlin (chairman)
Steve Johnston
(CEO)
BrandsSuncorp Insurance, AAMI, GIO, Bingle, Apia, Shannons, CIL, Vero, Terri Sheer, AA Insurance, Asteron Life, Essentials by AAI
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Total equityA$12.783 billion (2022)
Number of employees
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SubsidiariesSuncorp Insurance
GIO
AAMI
Apia
Vero
Shannons
Bingle
Terri Scheer
Asteron Life[1]
Websitesuncorpgroup.com.au

Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".Suncorp Group Limited, known simply as Suncorp, is an Australian general insurance corporation based in Brisbane, Queensland, Australia. It was formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC), and was one of Australia's mid-sized banks until 2022 (by combined lending and deposits), and its largest general insurance group.[5]

History

Queensland Industry Development Corporation

QIDC had its origins in Agbank, which was a state government farming financier inaugurated in 1902.[6] In 1986, new Queensland legislation incorporated and regulated the bank as the Queensland Industry Development Corporation. By the mid 1990s, QIDC had assets of approximately $3 billion.[6]

1996 to 1999: Merger as Suncorp-Metway

File:Suncorp Logo.svg
Logo used 1998–2016

In response to sweeping changes in Australia's financial and insurance industries in the mid-1990s, and especially the increasing convergence of the banking and insurance sectors, the state owned QIDC and Suncorp were amalgamated with Metway Bank in 1996.[7]

2000s: Promina acquisition

During a retail banking review in 2007, Suncorp determined that its credit card portfolio was a non-core asset and entered into talks to sell its 100,000 card/$230 million credit-card portfolio to Citibank.[8] Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.[9]

Suncorp then began preparations for a still larger takeover of insurance giant Promina Group. By early 2007, the two companies had agreed the terms of a merger deal valued at AUD 7.9 billion ($5.9 billion), which represented one of the largest acquisition deals completed in Australia's financial sector since the beginning of the new century.[10] Promina was formerly part of the UK-based insurance giant Royal and Sun Alliance until it spun off the business in Australia as a separate public company in 2003.[11]

As of 2007, Suncorp had assets of over A$95 billion,[6] over 9 million customers,[6] and over 16,000 staff.[12] Suncorp operated 232 retail and business banking outlets, predominantly in Queensland. GIO operated 34 agencies in NSW and Victoria. An additional 157 retail branches and services centres were added with the Promina acquisition.[6]

2010s

In June 2013, Goldman Sachs's Special Situations Group, the proprietary investment unit of the investment bank, purchased some of Suncorp Group Ltd.'s loans for about US$863 million.[13] In the summer of 2013 as European lenders were divesting their loans portfolios, in Australia, hedge funds and investment banks were buying them.[13] In 2013, distressed-debt investors, seeking investment opportunities in Asia, particularly in Australia, acquired discounted bonds or bank loans of companies facing distressed debt, with the potential of profitable returns if the companies' performance or their debt-linked assets improves. In 2013 Australia was one of the biggest markets for distressed-debt investors in Asia.[13]

The Suncorp Business Centre in Townsville, 2019

Suncorp was granted a MySuper authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.[14] Suncorp Business Services appointed its new CEO, Matt Pancino, on 13 June 2014. Pancino formerly worked as the Chief Information Officer for the group.[15] Suncorp was inducted into the Queensland Business Leaders Hall of Fame in 2016.[16][17]

2020s: Sale of banking arm

In 2020, Suncorp admitted to wage theft dating back to 2014. In June 2023, it was announced that remediation of the theft amounted a total $32 million in wages, misappropriated from 15,800 staff.[18]

On 18 July 2022, Suncorp Group announced an agreement to sell Suncorp Bank to the Australia and New Zealand Banking Group (ANZ).[19] The transaction was completed on 31 July 2024 after approval by the Australian Competition Tribunal on 20 February 2024[20] and the Federal Treasurer under the Financial Sector (Shareholdings) Act on 28 June 2024[21]. The sale also required amendments to the Metway Merger Act, passed by the Queensland Parliament on 14 June 2024.[22] Suncorp Group's rationale for the sale was to focus on becoming the leading trans-Tasman insurer by FY27.[23]

Business interests

Suncorp covers nearly all areas in wealth and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, superannuation agricultural banking and business banking, the notable exception being health insurance. It is the largest banking and insurance corporation headquartered in Brisbane.[5]

Suncorp trades under a number of brands,[24] including AAMI, Apia, Shannons, InsureMyRide, Vero, Terri Scheer, Bingle, CIL and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Liability, AA Insurance, SIS, CMV/AXIOM and Autosure brands in New Zealand. Those assets were acquired with the Promina Group in 2007. Tal Australia purchased Asteron Australia from Suncorp in December 2018.[25]

Suncorp Bank

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On 19 April 2009, Suncorp announced a re-branding of the banking arm of the company to Suncorp Bank, to emphasise that Suncorp was a bank with an insurance arm, not an insurance company with a banking division.[citation needed] In July 2022, Suncorp Group agreed terms to sell Suncorp Bank to the ANZ Bank for Template:AUD.[26]

Joint ventures

Suncorp acquired insurance joint ventures with motoring clubs RACQ and RAA in 2001, but chose to divest them in 2010. Suncorp entered into a joint venture agreement with RACT Insurance in Tasmania in 2007, but sold its 50% interest back to RACT in July 2021.[27] [28]

See also

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References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Our brands". Suncorp Group. Retrieved 26 December 2015.
  2. ^ Page Module:Citation/CS1/styles.css has no content."SUN.AX Income Statement". Retrieved 9 May 2023.
  3. ^ Page Module:Citation/CS1/styles.css has no content."SUN.AX Balance Sheet". Yahoo Finance. Retrieved 9 May 2023.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Directors Report and Financial Statements 2015" (PDF). Suncorp Group. Retrieved 26 December 2015.
  5. ^ a b Page Module:Citation/CS1/styles.css has no content."Who we are". Suncorp Group. Retrieved 26 December 2015.
  6. ^ a b c d e Page Module:Citation/CS1/styles.css has no content."History of Suncorp". Suncorp Group. Retrieved 26 December 2015.
  7. ^ Page Module:Citation/CS1/styles.css has no content."1993-1996". QTC Website. Retrieved 27 May 2024.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Suncorp to transfer $230m credit card portfolio to Citi". The Sydney Morning Herald. 8 February 2008. Retrieved 6 October 2008.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Suncorp and Citibank Sign Credit Card Deal". Suncorp Group. 8 February 2008. Retrieved 26 December 2015.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Promina shareholders approve $8b Suncorp merger". The Sydney Morning Herald. 5 March 2007. Archived from the original on 15 June 2014. Retrieved 16 June 2014.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Cave, Andrew (1 April 2003). "Royal Sun floats off Promina". The Daily Telegraph. London. Archived from the original on 15 June 2014. Retrieved 15 June 2014.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Mulcahy, John (16 November 2006). "Chief Executive Officer's presentation to Morgan Stanley Asia Pacific Summit, Singapore" (PDF). Suncorp-Metway Limited. Retrieved 5 February 2007.
  13. ^ a b c Page Module:Citation/CS1/styles.css has no content."Distressed-Debt Investors Eye Asia". The Wall Street Journal. 7 August 2013. Retrieved 8 August 2013.
  14. ^ Page Module:Citation/CS1/styles.css has no content."BUSSQ, Qantas, Suncorp get MySuper approval". Retrieved 27 May 2024.
  15. ^ Page Module:Citation/CS1/styles.css has no content."ASX Announcement". www.suncorpgroup.com.au. 13 June 2014.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Hall of Fame". Queensland Business Leaders Hall of Fame. State Library of Queensland. Archived from the original on 23 October 2018. Retrieved 23 October 2018.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Queensland Business Leaders Hall of Fame | Suncorp Group". leaders.slq.qld.gov.au. Retrieved 10 February 2017.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Suncorp pays $32 million to underpaid staff". Business News Australia. Retrieved 9 June 2023.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Suncorp Group announces the sale of Suncorp Bank". Suncorp. Retrieved 8 January 2026.
  20. ^ Page Module:Citation/CS1/styles.css has no content.Muroi, Millie (19 February 2024). "ANZ wins green light for $4.9b Suncorp bank takeover". The Sydney Morning Herald. Retrieved 8 January 2026.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Treasurer approves ANZ plan to buy Suncorp Bank". www.mpamag.com. Retrieved 8 January 2026.
  22. ^ Page Module:Citation/CS1/styles.css has no content."View - Queensland Legislation - Queensland Government". www.legislation.qld.gov.au. Retrieved 8 January 2026.
  23. ^ Suncorp Group Limited. (2024). FY24 Annual Report (report). https://www.suncorpgroup.com.au/assets/documents/suncorpgroup/fy24-annual-report-pdf.pdf - Page 9
  24. ^ Page Module:Citation/CS1/styles.css has no content.Yeates, Clancy (16 February 2018). "Don't be fooled by the plethora of brands". Sydney Morning Herald.
  25. ^ Page Module:Citation/CS1/styles.css has no content."TAL Buys Asteron Life". riskinfo. 9 August 2018.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Janda, Michael; Ryan, Peter (18 July 2022). "ANZ announces $5 billion Suncorp Bank takeover". ABC News. Australian Broadcasting Corporation. Retrieved 2 October 2024.
  27. ^ Page Module:Citation/CS1/styles.css has no content."Suncorp divests 50% stake in RACT Insurance - Daily - Insurance News - insuranceNEWS.com.au". www.insurancenews.com.au. Retrieved 16 August 2021.
  28. ^ Page Module:Citation/CS1/styles.css has no content."Flowchart" (PDF). www.suncorpgroup.com.au. 6 March 2014.

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