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.
Read MoreLike 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.
Read MoreANZ (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.
Read MoreANZ’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.
Read MoreHigher 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.
Read MoreJust when the Australian insurance sector was looking at having escaped any major catastrophe over the holiday break, along comes Friday’s flooding event in Auckland.
Read MoreANZ has kicked off its Suncorp acquisition marketing campaign with an obviously well-briefed pro-deal commentary in some sections of the business media.
Read MoreFrom a mixed Thursday ASX trading session, insurance major Suncorp and shopping centre manager Scentre Group each brought an update to the market.
Read MoreSuncorp has slashed its payout to shareholders after reporting a sharp fall in earnings for FY2021-22, with investors returning serve by sending the company’s shares down 4.6% on Monday.
Read MoreANZ Bank has confirmed that it proposes to buy Suncorp’s banking business for $4.9 billion and will ask its shareholders to cough up $3.5 billion via a one for 15 fully underwritten renounceable issue.
Read MoreAs of the weekend, ANZ’s $4 billion purchase of MYOB from KKR looks like it is on hold while the company talks to Suncorp about buying its Brisbane-based regional bank for an even higher amount.
Read MoreSuncorp (ASX:SUN) has provided an update on the weather impacting NSW and parts of South-East Queensland, as well as confirming natural hazard costs in FY 2022.
Read MoreSuncorp confirmed on Monday that it was looking at the future of its banking business, but at the same time, it attempted to put a lid on speculation.
Read MoreAmong 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.
Read MoreDespite the $2.4 billion cost of March’s flooding along the East Coast, Fitch Ratings believes Australian general insurers like QBE, IAG and Suncorp will be able to avoid financial disaster.
Read MoreThe target slips to $13.14 from $13.19. The Add rating is kept.
Read MoreShares in Suncorp did an about-face during trading yesterday after it provided an update on the cost of this summer’s natural disasters, especially the floods along the East Coast.
Read MoreThe Buy rating is retained and the target price increases to $14.00 from $13.85.
Read MoreSuncorp shares rose more than 5% on Tuesday despite December half earnings falling on the back of increased claims and the company cutting its interim dividend by more than 10%.
Read MoreSuncorp’s bill for the growing list of recent weather events has jumped sharply in the 8 days since it first revealed the large cost of a series of storms, as well as the Victorian earthquake in September.
Read MoreIn just four months, insurer Suncorp has already chewed up half its June 30 allowance for natural hazard claims, after a run of storms in October as well as the Victorian earthquake.
Read MoreThe broker retains an Outperform rating with a $13.91 target.
Read MoreThe broker retains an Outperform rating with a $13.91 target.
Read MoreThe Hold rating is unchanged and the target rises to $12.85 from $11.66.
Read MorePayoff time for shareholders in financial services group Suncorp with a special dividend, share buyback and a final dividend revealed in yesterday’s 2020-21 results.
Read MoreThe broker maintains an Outperform recommendation for Suncorp Group. The target price slips to $12.80 from $13.20.
Read MoreAs Victoria’s floods signal the end of FY21, Australia’s general insurers are having to grapple with price pressure on reinsurance as well as heightened competition in some segments.
Read MoreMorgans lowers the rating to Hold from Add after recent share price strength and the target falls to $11.39 from $11.80.
Read MoreCiti retains a Buy rating and $11.40 target.
Read MoreFloods not seen for decades have affected the northern coast of NSW and parts of Sydney. Suncorp can absorb a maximum large event, while two could result in FY21 earnings downgrades of -3-5%, the broker assesses. Buy rating and $11.15 target are unchanged.
Read MoreUBS has looked at the key drivers of the margin outlook for Suncorp Group and concludes that margins have likely bottomed in 1H and should recover over coming periods. The Buy rating and $11.15 target are unchanged.
Read MoreBrisbane-based Suncorp has left its interim dividend unchanged despite reporting profit growth in its core insurance and banking businesses.
Read MoreThe general insurance sector has been dealt a major blow with a NSW Court of Appeal decision that, if not overturned in the High Court, will see a surge in losses caused by payouts to policyholders who made claims due to the impact of the pandemic under business interruption policies held with insurers.
Read MoreBrisbane-based Suncorp has joined the dividend slashing club as the COVID-19 pandemic, lockdowns and bushfires saw earnings fall by a third in the year to June.
Read MoreSuncorp has signalled higher reinsurance costs have made it more economic to retain risk on the balance sheet. Brokers are wary of this, given the number of headwinds confronting insurers.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
Read MoreRelief was also the emotion with Suncorp’s update yesterday, judging by the investor reaction yesterday to new losses.
Read MoreSuncorp saw a 6% drop in revenue fall following what it called an “unprecedented” storm and bushfire season that forced it to safeguard profit margins in its insurance businesses from massive payouts by boosting its reinsurance cover.
Read MoreWith the prolonged bushfire crisis now abated thanks to the efforts of Mother Nature and tireless firefighters, Tim Boreham ponders the effect of the firestorm on listed equity exposures.
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