Suncorp Group (ASX: SUN) banks on automation and AI to improve efficiency

Fri 29 Dec 23, 05:59 AM | Team Kalkine

Image source: Pexels

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.

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