| Type | Public (ASX: SUN) |
|---|---|
| Industry | Banking General insurance Wealth management |
| Founded | 1996 |
| Headquarters | Brisbane, Australia |
| Area served | Australia and New Zealand |
| Key people | John Story Chairman Patrick Snowball CEO |
| Revenue | A$14.1 billion (2009) |
| Operating income | A$799 million (2009) |
| Profit | A$348 million (2009) |
| Employees | 18,000+ |
| Subsidiaries | GIO RACT Insurance |
| Website | www.suncorp.com.au |
Suncorp Group Limited (ASX: SUN) is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's largest banks (by combined lending and deposits) and its largest general insurance group,[1] formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
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Suncorp covers nearly all areas in wealth and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.
Suncorp is the parent company of insurance company GIO. GIO is mainly used as a general insurance company representing Suncorp outside Queensland, offering similar products to the Suncorp branded insurance product in Queensland.
Suncorp also owns the AAMI, Apia, Just Car Insurance, Shannons, InsureMyRide, Vero, Terri Scheer, Bingle, CIL, Asteron and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Marine, Vero Liability, AA Insurance, SIS, CMV/AXIOM, Mariner, Comprehensive Travel Insurance and Autosure brands in New Zealand. These assets were acquired with the Promina Group in 2007.
Suncorp currently has assets of over A$73 billion,[2] over 8 million customers,[2] and over 17,000 staff.[3] Suncorp has 232 retail and business banking outlets, predominantly in Queensland, GIO has 34 agencies in NSW and Victoria and an additional 157 retail branches and services centres have been added since the Promina acquisition.[2] Suncorp is the largest[1] banking and insurance corporation headquartered in Brisbane.
During a retail banking review in 2007, Suncorp determined 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.[4] Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.[1]
The company is owned by approximately 215,000 shareholders holding more than 924 million shares.[2] Suncorp's Chairman and Non-executive Director is John Story; its Chief Executive Officer and Managing Director is Patrick Snowball.
On 19 April 2009, Suncorp announced a re-branding of the banking arm of the company to Suncorp Bank. The reason behind the re-branding is to give the company a view that Suncorp is a bank with an insurance arm, not an insurance company with a banking division. This is also being done to try to aid the bank's expansion into Western Australia, where Suncorp is not known for its banking capabilities, with the focus previously being on its insurance strengths.
Suncorp acquired insurance joint ventures with motoring clubs RACQ and RAA in 2001, but chose to divest them in 2010. RACT Insurance in Tasmania continues to be 100% owned by Suncorp.
Suncorp holds the naming rights of Lang Park, currently branded as Suncorp Stadium. It is a rectangular sporting stadium located in the Brisbane suburb of Milton, and is the home of the Brisbane Broncos, Queensland Reds and Brisbane Roar FC.
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