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Highlights

  • Suncorp offers banking and insurance products and services via its brands in New Zealand and Australia
  • In FY23, the company experienced 137.7% YoY increase in total comprehensive income for the financial year
  • The top 10 shareholders of SUN have around 27.28% shareholding in the company

Established in 1902, Suncorp Group Limited (ASX: SUN) is an ASX-listed insurance company which provides banking, insurance, wealth and other financial solutions to commercial, corporate and retail sectors. The company offers  financial across Australia and New Zealand through three entities – Insurance Australia, Suncorp Bank and Suncorp New Zealand.

The AUD 17.50 billion-market-cap-firm reported a 13.51% YoY increase in revenue to AUD 18,354 million in the financial year 2023 (FY23), while total comprehensive income for the financial year surged by 137.7% YoY to AUD 1,148 million, backed by continued momentum in the top line across the organization, improved underlying margins and substantial turnaround in investment returns. 

Top 10 shareholders of SUN

The top 10 shareholders of SUN have around 27.28% shareholding in the company. BlackRock Institutional Trust Company, N.A. and The Vanguard Group, Inc. have the highest stake in the firm with a shareholding of 6.09% and 5.38%, respectively.

Recent business update

Through an ASX-filing dated 22 December 2023, the company informed that it will release its half yearly results for FY24 on 26 February 2024 and FY24 full-year results on 19 August 2024. Moreover, the company shared that ex-dividend date for the interim dividend will be 29 February 2024 and pay date will be 11 April 2024.

1QFY24 update and outlook

In 1QFY24, total loans and advances of SUN’s banking division stood at AUD 66,932 million, up by 5.3% over the previous corresponding period.

The company expects GWP growth of nearly 10% from the insurance division, underpinned by increase in premium as the business responded to increased input costs. For the banking division, SUN targets home loan growth at par with the industry and NIM of approximately 1.85%.

The company focuses on enhancing efficiency via AI and automation, enhanced customer experiences and best-in-class claims.

Share performance of SUN

SUN shares closed 0,51% higher at AUD 13.85 apiece on 29 December 2023. Including this gain, SUN’s share price has increased by 15.13% in the last one year and has surged by 1.61% in the last one month.

The 52-week high of SUN is AUD 14.41, recorded on 28 July 2023, while the 52-week low is AUD 11.455, recorded on 20 March 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 29 December 2023. The reference data in this report has been partly sourced from REFINITIV.