When the former British tank commander Patrick Snowball arrived at Suncorp back in 2009 many were sceptical. With his heavy stature and colourful shirts, he’d been likened to a bison that had run through a clothes line, and many thought sorting out Suncorp would be beyond him. We were among them, maintaining the Avoid recommendation we’d had on the stock for over five years.
But while there’s still work to be done, Suncorp is in far better shape now than it was when Snowball took over in 2010: less complex, leaner and performing much better.
Profits hit by bad weather
Good underlying performance