You are currently viewing our site as a guest, which gives you limited access to our site features. By signing up for a free membership, you will receive our Investment Opportunity newsletters and have access to additional features for finding and comparing managed funds and shares. Registration is fast and simple, so please:
Business Description: Suncorp Group Limited (SUN, formerly Suncorp-Metway Ltd) is a Queensland-based financial services conglomerate offering retail and business banking, general insurance, life insurance, superannuation and investment products across Australia and New Zealand. SUN's acquisition of Promina made it Australia´s second-largest domestic general insurer and the group has a large regional banking franchise in Queensland.
Strategy Analysis: The strategy is to continue with the existing diversified financial services model of general insurance, banking, life insurance and niche wealth management. The general insurance business is being restructured away from the devolved former Promina model to a traditional shared services approach. The bank will continue as a non-core book of large loans to property developers, to be funded wholesale but in runoff, and a core book of retail and SME loans to be funded for growth mainly by deposits. Extraction of efficiencies and cost savings through business simplification will be an important theme. The bank is viewed as a core division, is not for sale and will be managed as a traditional regional bank emphasising retail and SME loans and deposits.
Suncorp Group reported NPAT down 41.92% to $453m for the year ended 30 June 2011. Revenues from ordinary activities were $19.03bn, up 21.37% from last year. The General Insurance profit after tax was $392m. This result was achieved despite the unprecedented sequence of natural hazard events. Natural hazard claims were $325m in excess of allowances and additional reinsurance protections cost were $232m. Diluted EPS was 35.56 cents compared to 60.10 cents last year. The net operating cash inflow was $11.05bn compared to an outflow of $1.66bn in the pcp. The final dividend declared was 20 cents, taking the full year dividend to 35 cents, in line with 35 cents last year.
The Age 3/02/2012 | HIGH-PROFILE director Geoffrey Cousins has called on major shareholders to block Gina Rinehart from gaining a board seat at Fairfax Media.
The Age 3/02/2012 | HIGH-PROFILE director Geoffrey Cousins has called on major shareholders to block Gina Rinehart from gaining a board seat at Fairfax Media.
Sydney Morning Herald 3/02/2012 | THE Telstra director Geoffrey Cousins has called on large shareholders in Fairfax Media to block Gina Rinehart from gaining a board seat.
Sydney Morning Herald 3/02/2012 | The publisher and direct marketer PMP has cut its earnings guidance and implemented further restructuring because of poor trading conditions and weaker printing orders. The news sent shares to a two-year low, down 4?, or 8.3 per cent, at 44?. Print markets in both Australia and New Zealand have suffered with existing customers using the services less, and intense competition for new contracts resulting in lower margins. Earnings before interest and tax, and before significant items, are now ...
Already a member? 
$ 8.310
