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Suncorp

#1181

Rank

$15.29B

Marketcap

AU Australia

Country

Suncorp
Leadership team

Mr. Steven B. Johnston (Group CEO, MD & Director)

Mr. Jeremy John Robson F.C.A., B.Com. (Group Chief Financial Officer)

Mr. Adam Bennett (Chief Information Officer)

Products/ Services
Banking, Finance, Financial Exchanges, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Brisbane, Queensland, Australia
Established
1902
Net Income
500M - 1B
Revenue
Above - 1B
Traded as
SUN.AX
Social Media
Overview
Location
Summary
Suncorp Group Limited provides insurance and banking products and services to retail, corporate, and commercial customers in Australia and New Zealand. The company operates through Insurance (Australia), Suncorp Bank, and Suncorp New Zealand segments. The Insurance (Australia) segment provides general insurance products and services, including home and contents, motor, marine, travel, commercial property, industrial special risk, public liability and professional indemnity, workers' compensation, and compulsory third-party products, as well as distributes life insurance products. The Suncorp Bank segment offers banking products and services, such as commercial, agribusiness, small business, and home loans; savings and transaction accounts; foreign exchange services; and treasury products and services. The Suncorp New Zealand segment provides general and life insurance products comprising home and contents, motor, commercial property, public liability and professional indemnity, life, trauma, total and permanent disablement, and income protection. The company was formerly known as Suncorp-Metway Limited and changed its name to Suncorp Group Limited in December 2010. Suncorp Group Limited was founded in 1902 and is headquartered in Brisbane, Australia.
History

State Government Insurance Office

Queensland established the State Accident Insurance Office in 1916, to provide mandatory injury compensation insurance to workers in the state's business sector. New legislation soon after created a larger insurance body, the State Government Insurance Office which took over the State Accident Insurance Office. General insurance, third party and life products were added. SGIO later expanded into building society operations, superannuation, and finance.

In 1960, new legislation establishing the SGIO as a separate corporation was passed, and the group became subject to state regulatory oversight. In 1971, the SGIO took another step toward full-fledged corporate status, forming its own board of directors. At this time, the operations involving injury compensation for workers were placed under a separate board. By 1976, as SGIO's insurance operations took on a more commercial orientation, the company closed down its building society operations.

The next step toward the SGIO's move toward the private sector came in 1985. Under new legislation, the company dropped the SGIO name in favour of the name Suncorp and its employees lost their status as civil servants. At the same time, Suncorp became an independent corporation, although still government controlled. By the mid 1990s, Suncorp was an allfinanz group and had assets of nearly $10 billion.

Metway Bank

Metway Bank started as the Metropolitan Permanent Building Society which was founded in 1959. In the late 1980s, Metropolitan joined the trend among Australia's building societies to expand into being full-scale banks. In 1988, Metropolitan abandoned its status as a building society to reincorporate as a bank. Metway, as the new bank was called, listed publicly and began acquiring a number of rival banks and building societies. Metway became the largest Queensland based bank by the mid 1990s. Metway's operations also extended into the other eastern states and the assets of the bank were more than $7 billion.

Queensland Industry Development Corporation

QIDC had its origins in Agbank which was a state government farming financier that was started in 1902. In 1986, new Queensland legislation was passed to incorporate and regulate the bank as the Queensland Industry Development Corporation. By the mid 1990s, QIDC had assets of approximately $3 billion.

Merger as Suncorp-Metway: 1996 to 1999

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. The new company, Suncorp-Metway, became one of the largest insurance and finance groups in Australia, ranking fifth in the national market. By 1998, the company's combined assets exceeded $22 billion.

The Queensland government initially controlled 68 percent of the new company, but quickly made good on its promise to sell off most of its stake. In 1997, the company conducted a public offering that reduced the government's stake in Suncorp-Metway to 4 percent, with the last remaining government shares sold one year later. In 1999, Suncorp-Metway completed the integration of the Metway, QIDC and Suncorp operations, and launched a single unified Suncorp-Metway brand. As part of this process, the company also trimmed its retail network, shutting down a number of redundant branches.

Further conglomeration: 2000 to 2006

After its integration phase, Suncorp-Metway began putting into place a new strategy. The company sought to launch itself on a truly national scale, replacing its allfinanz model with a new financial conglomerate strategy. The company wanted to expand, particularly in its more profitable insurance division. The company made its first acquisition in 2001 by taking over GIO General Ltd, which was then part of AMP. That purchase made Suncorp-Metway the second ranked in Australia in terms of income from general insurance in annual premiums.

The company carried out another rebranding exercise in 2002, adopting the Suncorp name for all of its Queensland operations, and for non-insurance operations outside of the state. The company's insurance operations, excluding Queensland, took on the GIO name.

Suncorp continued to build up its insurance portfolio into the middle of the decade. The company acquired 50 percent of the Queensland-based RACQ Insurance, a joint venture originally formed between AMP and RACQ. Suncorp bought out AMP's share of the joint venture in 2002. Also in 2002, Suncorp purchased half of RAA Insurance from the RAA. In 2004, the company purchased Tasmania's RACT Insurance from the RACT.

Promina acquisition: 2007

Suncorp then began preparations for a still larger takeover of insurance giant Promina Group Limited. By early 2007, the two companies had agreed the terms of a merger deal valued at AUD 7.9 billion , which represented one of the largest acquisition deals completed in Australia's financial sector since the beginning of the new century.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. The merger transformed Suncorp into a true giant in Australia, doubling its assets to nearly AUD 85 billion .

Mission
Suncorp's purpose is to create a better today for our customers, communities, people and shareholders.
Vision
Suncorp's purpose is to create a better today for our customers, communities, people and shareholders.
Key Team

Ms. Fiona Thompson B Ec, LLB (Group Exec. of People, Culture & Advocacy)

Mr. Paul W. Smeaton BBM, BBUS(Mgt), M.A.I.C.D., MAICD (Chief Operating Officer of Insurance)

Ms. Lisa Harrison BCom, GAICD, MBA (Chief Exec. Officer of Insurance Product & Portfolio)

Mr. Clive van Horen (Chief Exec. Officer of Suncorp Bank)

Mr. James J. Higgins B.A. (Chief Exec. Officer of New Zealand)

Ms. Michelle Bain (Group Gen. Counsel)

Ms. Bridget Elizabeth Messer (Group Chief Risk Officer)

Recognition and Awards
Suncorp has won many awards since its establishment, including the RFI Product Excellence Awards for Insurance in 2017 and Best Financial Services Industry Provider in 2017 from Pinnacle Awards.
References
Suncorp
Leadership team

Mr. Steven B. Johnston (Group CEO, MD & Director)

Mr. Jeremy John Robson F.C.A., B.Com. (Group Chief Financial Officer)

Mr. Adam Bennett (Chief Information Officer)

Products/ Services
Banking, Finance, Financial Exchanges, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Brisbane, Queensland, Australia
Established
1902
Net Income
500M - 1B
Revenue
Above - 1B
Traded as
SUN.AX
Social Media