Suncorp’s investment earnings soar
Like its rivals QBE and IAG, Suncorp, the owner of a slew of insurance brands led by AAMI, saw its December half-year results bolstered by a sharp rise in premiums and strong investment earnings.
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Suncorp Group Limited
With a heritage dating back to 1902, we have grown to become a top-20 ASX-listed company with over 13,000 people and $96 billion in assets. We offer banking, wealth management and insurance products and services through our well-recognised brands including Suncorp, AAMI, GIO, Apia, Shannons and Vero, as well as those from our partners.
Through these products and services we:
protect what matters to our customers
help our customers recover from injury
support our customers’ everyday financial needs, and
enable customers and businesses to reach their financial goals
An essential service like ours is an integral part of the community. Suncorp firmly believe we must contribute to a more resilient Australia. Suncorp continue to evolve Suncorp to ensure it remains relevant and competitive and we have defined four strategic foundations which guide the choices we make today and shape our focus for tomorrow.
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Analysis of Suncorp Group and Goodman Group
Fund Manager Chris Pedersen discusses global markets, Suncorp Group and Goodman Group.
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Analysis of Suncorp Group and Goodman Group
Fund Manager Chris Pedersen discusses global markets, Suncorp Group and Goodman Group.
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ANZ granted approval to acquire Suncorp’s bank
ANZ (ASX:ANZ) has been allowed to purchase Suncorp’s predominantly Queensland-based bank for $4.9 billion after the Australian Competition Tribunal overturned the ACCC’s block on the deal due to competition concerns.
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ACCC’s Tone Clouds ANZ Ambitions for SUN
ANZ’s $4.9 billion offer for Suncorp’s banking arm looks to be in trouble after comments from the ACCC that it worries about future competition and can’t see many benefits from the deal.
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SUN is Shining, though Weather Not So Sweet
Higher premiums, a timely release of $150 million in reserves and improved returns from investments saw Suncorp's net profit jump 44% to $560 million for the six months to December.
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Analyst Views
SUN – UBS rates the stock as Buy
Among the domestic insurers, the broker continues to prefer Buy-rated Suncorp Group over Insurance Australia Group ((IAG)). The $14.40 target price is retained for the former.
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SUN – Morgans rates the stock as Add
The target slips to $13.14 from $13.19. The Add rating is kept.
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SUN – UBS rates the stock as Buy
The Buy rating is retained and the target price increases to $14.00 from $13.85.
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SUN – Credit Suisse rates the stock as Outperform
The broker retains an Outperform rating with a $13.91 target.
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SUN – Credit Suisse rates the stock as Outperform
The broker retains an Outperform rating with a $13.91 target.
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