Suncorp is Australia’s third largest general insurance group. The general insurance business includes personal insurance products such as home and contents and personal effects cover, motor and boat, compulsory third party insurance, workers compensation and a range of commercial insurance products tailored to the small to medium business market such as property, marine, rural and liability.
Suncorp includes leading general insurance, banking, life insurance, superannuation and investment brands in Australia and New Zealand. The Group has around 16,000 employees and relationships with nine million customers. It is a Top 25 ASX listed company with over $95 billion in assets.
They acquired AMP/GIO General Insurance in 2001 and AMP Ltd’s 50 percent shareholdings in motor club insurance joint ventures in RACQ (Queensland) and RAA (South Australia). Both of these joint ventures hold substantial market shares in their respective states. These businesses run independently and in competition with Suncorp’s existing general insurance business.
Following the merger with Promina, they now serve more than 6 million general insurance customers throughout Australia and New Zealand and provides personal and specialised insurances through well known brands such as AAMI, Apia, Shannons and Just Car in Australia and Vero in New Zealand.
Source suncorp.com.au
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Suncorp in the News
Mark Milliner reappointed as ICA President
Mark Milliner reappointed as ICA President The Board of the Insurance Council of Australia (ICA) have announced the return of Mark Milliner as President from July 1, 2016. Mark Milliner, who is IAG’s Chief Operating Officer, previously held senior roles at Suncorp, most recently as CEO Personal Insurance. He was a Director of the ICA Board from… Read More »Mark Milliner reappointed as ICA President
Insurers Reporting Mixed Results
With half yearly profit reporting season in full swing the fortunes for our leading insurers vary, here is summary of some of the results. Insurance Australia Group (IAG) half-year profit jumps 39% with improved performances from each of its businesses in Australia, New Zealand and Asia. IAGs brands in Australia include CGU, NRMA Suncorp, Australia’s largest… Read More »Insurers Reporting Mixed Results
Life Insurers Profit Drops by 25%
The latest Life Insurance performance statistics release by the Australian Prudential Regulation Authority (APRA) shows a decline in profit despite an increase in revenue. For the twelve months to 30 September 2013 the industry net profit after tax was $2.2 billion, a decrease of 26.5 per cent from the previous year’s profit of $3.1 billion.The September 2013… Read More »Life Insurers Profit Drops by 25%
Life Insurer Asteron adds ‘Part of the Suncorp Group’ to logo
Seven years after joining the Suncorp Group life insurer Asteron has added it to it logo, Asteron Life has been a specialist life insurance company for more than 175 years. Suncorp Group is the leading provider of general insurance, banking, life insurance and wealth management in Australia and New Zealand. Click here for your… Read More »Life Insurer Asteron adds ‘Part of the Suncorp Group’ to logo
Business Cutting Back on Insurance
Insurance Australia Group chief executive Mike Wilkins has told businessday.com.au that Australian companies are seeking lower premiums or are cutting cover, in what IAG see as sign of softning economic conditons. ”People are just very conscious of their expenses and I know for some businesses it’s tough,” Mr Wilkins said QBE, IAG and Suncorp – last… Read More »Business Cutting Back on Insurance
Suncorp Profit Falls despite home insurance premium rise
Suncorp full-year profits is down to $274 million (from 491 million in 2012) despite a growth in its house insurance and car insurance premiums. A large portion of the loss has be attributed to its banking business, its life insurance and superannuation division earnings fell from $251 million to $60 million. Suncorps insurance brands include… Read More »Suncorp Profit Falls despite home insurance premium rise
Does Landlord Insurance Cover Flood
Not all insurers offer flood cover with Landlords Insurance. AAMI, Suncorp and Vero are amongst the Australian insurers that include it automatically. Allianz, CGU and Zurich offer optional cover. Before for purchasing check with the insurer’s product disclosure statement or ask your broker Click here for a Landlords Insurance Quote Please note Quotesonline Insurance… Read More »Does Landlord Insurance Cover Flood
John Stringer Appointed as CEO RAC Insurance
RAC Insurance has appointed John Stringer as CEO, replacing Mike McCarthy who left in December. Mr Stringer joined the Western Australian based insurer in February 2011 as GM Claims and has more than 35 years’ experience in the industry, both in both broking and general insurance. He was most recently an EM at Suncorp subsidiary… Read More »John Stringer Appointed as CEO RAC Insurance
Australian Insurance Industries $2.8 billion Profit Last Year
The top ten insurers in Australia account for nearly 80 per cent of the sector’s $2.8 billion in profit last year, official figures show. At the same time, some 23 insurers operating in Australia, including offshore majors Zurich, Warren Buffet-backed General Re and online specialist Progressive Direct delivered a loss last year. Figures released by… Read More »Australian Insurance Industries $2.8 billion Profit Last Year
Suncorp 2nd Half Profit Improves after drop in claims
Suncorp has reported an improvement in its overall result, recovering from record claims last year, Suncorp’s full-year general insurance profit of A$493 million exceeded expectations for a profit of A$390 million This follows fellow Australian insurer QBE reporting a below forecast 13 percent rise in profit. Suncorp insurance brands include AAMI, APIA, Suncorp and Vero … Read More »Suncorp 2nd Half Profit Improves after drop in claims
