Suncorp Group CEO Steve Johnston said, “In addition to supporting existing customers, Resolution Life will continue to grow new business in New Zealand through the Asteron Life brand, providing customers with greater access to contemporary products.
Return (inc div) 1yr: 39.69% 3yr: 22.46% pa 5yr: 8.21% pa
Good Returns here>>>>>>>>>
3 Jan, ....approximately 19,000 claims have been received from customers impacted by the weather events.
Appointment of Bruce Rush
- SunCorp had an outstanding year.. A steady ship in this turbulant market.*****
Return (inc div) 1yr: 21.88% 3yr: 24.01% pa 5yr: 4.06% pa
Leaders | Suncorp Group | Suncorp Group
The Group’s reinsurance strategy aims to achieve the optimal balance between the cost of the program and acceptable levels of earnings and capital volatility. C
Other matters Ahead of its FY23 financial results release on Wednesday, 9 August 2023, Suncorp also provides an update on the following specific items: – The Group natural hazard experience for FY23 is estimated to be between $1.25 billion and $1.28 billion against an allowance of $1.16 billion. Refer appendix for further details. – The Group incurred restructuring costs of $47 million in 2H23, primarily driven by the impact of flexible working arrangements on the real estate footprint. – In investment income, risk free, credit spreads and inflation linked bonds mark-to-market movements were broadly in line with previously communicated sensitivities. For equities, experience was lower than the sensitivities by approximately $15 million.
Insurance - assured that you're premium will go go up every year..
16 June
Promises of the Deal. Share Price Reaction today up $13.25 + 0.45%
Subject to receiving all regulatory approvals, in addition to the commitments to Queensland made by both Suncorp and ANZ at the time of announcing the Proposed Transaction, Suncorp Group will also commit to a jobs and investment package worth approximately $25 million including: - ensuring aggregate employment levels for the Suncorp insurance business and Group corporate services activities are greater in Queensland than any other individual state or territory in Australia; - investing at least $19 million to develop a Disaster Response Centre of Excellence in Suncorp’s Brisbane headquarters, including: o state-of-the-art technology to monitor weather alerts, proactively communicate with Suncorp customers and impacted communities, and improve Suncorp’s response before, during and after major weather events not only in Queensland, but across Australia and New Zealand; o growth in Suncorp’s Disaster Response Team in Queensland, with the creation of an additional 20 full-time roles in respect of weather monitoring, climate change, geospatial technology, artificial intelligence, digital transportation and supporting functions; o design and fit-out of a fully functional mobile hub to be deployed in areas affected by natural disasters to assist the community’s recovery; - increasing the number of Suncorp employees in regional Queensland by 120 people through the creation of a ‘Suncorp Regional Hub’ in Townsville, Queensland; and - spending at least $3 million to fund community or educational initiatives relating to vocational training, supporting First Nations employment pathways and research, courses, internships and scholarships relevant to disaster resilience and emergency management.
Directors Buying at $12.80per share
Directors: Falzon, McTaggart and Hammond ( Hammond an avid accumulator )
ANZ’s application seeks the ACCC’s authorisation of the acquisition on the basis that it is not likely to substantially lessen competition, and that the public benefits of the acquisition will outweigh any public detriments.
The total cost of these events to Suncorp is expected to be in the range of $350 million to $410 million, noting the extent of damage is still unfolding, with flood peaks still to be reached in some areas of regional NSW. Preliminary ranges are being provided based on lodgement patterns and historical average claims costs
Reported NPAT of $681m for FY22, down 34.1% on the prior year .Operating expensesroe 3.2% to 2.78Bn.. delclares a divi of 17cps Fully franked.. Friday closing price $11.60.
a C grade report but something to work -on ..They should be able increase premiums to make-up the difference...
Monday Market reaction - price only popped around 5% up
Maybe Place a trade any share price weakness
This deal will take 1yr to unfold
PowerPoint Presentation (markitdigital.com)
ANZ is positioning for the Insurance business:
