SUN - Suncorp Group
- Thread starter mmmmining
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No, not quite so generous, it floated in 1991 for $5.40. It was an excellent float and once it listed it never fell back to the issue price, it got to a low of $6.30 and never looked back!In around 1992, when I arrived in Australia as a skilled migrant (but with no job) I remember Commonwealth was floated @$2 IPO
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Thanks Ann. I was holding this mythical belief for 27 years to be smashed. You are Steffi GrafNo, not quite so generous, it floated in 1991 for $5.40. It was an excellent float and once it listed it never fell back to the issue price, it got to a low of $6.30 and never looked back!
No, not quite so generous, it floated in 1991 for $5.40. It was an excellent float and once it listed it never fell back to the issue price, it got to a low of $6.30 and never looked back!
APA is another in that bracket. Has never been back near the issue price and possibly not near any of the prices of any of the other raisings.
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Sorry folks, I have dragged this off topic, I will stop after this. APA wasn't quite as successful in the beginning, its IPO was $2 a unit on June 2000, my chart shows a close of $1.75 on the day of listing, it didn't get above and stay above $2 until October 2000. Only this month did it close at its all time high of $10.40. A lot better than some though!
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Sorry folks. It was me and not @Ann .Sorry folks, I have dragged this off topic, I will stop after this. APA wasn't quite as successful in the beginning, its IPO was $2 a unit on June 2000, my chart shows a close of $1.75 on the day of listing, it didn't get above and stay above $2 until October 2000. Only this month did it close at its all time high of $10.40. A lot better than some though!
I started referencing CBA on SUN topic and since that the discussions were off track.
Let's the SUN shines
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Thanks Ann but your x-axis looks odd. Sep 17 to Jul 19 to Nov 20???
I do see earlier postings in 2017 when results came out and were impacted by natural disasters, support was found around $12.50. Looks almost identical to what is happening now.
The 2017 and 2018 charts are quite similar and in both years there were price rises during the middle of the year
I do see earlier postings in 2017 when results came out and were impacted by natural disasters, support was found around $12.50. Looks almost identical to what is happening now.
The 2017 and 2018 charts are quite similar and in both years there were price rises during the middle of the year
UMike
Klutzing in Thai
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Took a small stab at this Friday.
Hoping for a Christmas Rally and be out in less than 6 months.
Hoping for a Christmas Rally and be out in less than 6 months.
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Could be a few Insurance claims in the pipeline for SUN, not the least of which would be VE Commodores with stretched timing chains. ?
www.betootaadvocate.com
Hundreds Of VE Commodores With Stretched Timing Chains Mysteriously End Up In Low-Lying Parts Of Brisbane
More to come.
www.betootaadvocate.com
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maybe that is why a nave never bought a Holden , when i grew up they came with pre-installed rust
i guess all those extra feature made them unattractive to me
damn shame ( in hindsight ) i didn't buy CWY shares
i guess all those extra feature made them unattractive to me
damn shame ( in hindsight ) i didn't buy CWY shares
Garpal Gumnut
Ross Island Hotel
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Thanks @sptrawler .Could be a few Insurance claims in the pipeline for SUN, not the least of which would be VE Commodores with stretched timing chains. ?
Hundreds Of VE Commodores With Stretched Timing Chains Mysteriously End Up In Low-Lying Parts Of Brisbane
More to come.
I stopped at Betoota last year on a trip out to Windorah for the Winter Olympics Australian Trials ( which by the way used artificial snow ) to boost our chances in Beijing.
The editorial team at the Betoota Advocate discussed with me this stretched timing chain issue and the parking of Commodores at the bottom of hills in Brisbane.
As a SUN shareholder I of course alerted their Risk Committee and I believe they have reinsurance with a respected London Insurance Company , Abramovich Finance and Re.
SUN shareholders can sleep in their Commodores on high ground again in safety.
gg
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Exclusive-Chelsea FC's banker says Abramovich's exit will not be rushed
DYOR
Exclusive-Chelsea FC's banker says Abramovich's exit will not be rushed By Reuters
Exclusive-Chelsea FC's banker says Abramovich's exit will not be rushed
www.investing.com
DYOR
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Completion of the Australian Wealth business sale
Suncorp (ASX: SUN | ADR: SNMCY) today announced the successful completion of the sale of its Australian
Wealth business, Suncorp Portfolio Services Limited (SPSL), to LGIAsuper.
Based on current estimates, total consideration is expected to be $55 million in cash. The impact of the
transaction on Group profit is expected to be broadly neutral.
Suncorp Group CEO Steve Johnston said the completion of the sale was an important strategic milestone for the
Group.
“The Wealth sale is a good outcome for our members, people and shareholders. It enables us to sharpen our
focus on the Group’s core businesses of banking and insurance and improve the way we deliver for our
customers,” Mr Johnston said.
“I’m pleased that our Wealth business is in good shape as we hand over to LGIAsuper. We have simplified the
business to improve its overall performance, resolved historic remediation matters and we are delivering healthy
investment returns to members.
“Suncorp’s 130,000 superannuation members will now join a larger and more sustainable super fund which
manages around $31 billion in retirement savings for its members.”
Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.
==================================================================================
DYOR
i hold SUN
one more reason to be reluctant to top up ( apart from my DRP participation )
Suncorp (ASX: SUN | ADR: SNMCY) today announced the successful completion of the sale of its Australian
Wealth business, Suncorp Portfolio Services Limited (SPSL), to LGIAsuper.
Based on current estimates, total consideration is expected to be $55 million in cash. The impact of the
transaction on Group profit is expected to be broadly neutral.
Suncorp Group CEO Steve Johnston said the completion of the sale was an important strategic milestone for the
Group.
“The Wealth sale is a good outcome for our members, people and shareholders. It enables us to sharpen our
focus on the Group’s core businesses of banking and insurance and improve the way we deliver for our
customers,” Mr Johnston said.
“I’m pleased that our Wealth business is in good shape as we hand over to LGIAsuper. We have simplified the
business to improve its overall performance, resolved historic remediation matters and we are delivering healthy
investment returns to members.
“Suncorp’s 130,000 superannuation members will now join a larger and more sustainable super fund which
manages around $31 billion in retirement savings for its members.”
Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.
==================================================================================
DYOR
i hold SUN
one more reason to be reluctant to top up ( apart from my DRP participation )
Garpal Gumnut
Ross Island Hotel
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SUN took a 6% hit today, which for long term holders, which includes most Queensland SMSFs is good. The price has been galloping away as friends, neighbours and relations are getting new whitegoods, renovations and tradie work done on SUN's purse following the inclement weather. A suspension of disbelief would understate my observation of the share price recently. I wish to add, but at lower prices.
I personally am hoping for a further fall, it was way overpriced even with Re-insurance which itself is more costly. It is also a Queensland jewel and should a stock Armageddon come the Queensland Government are likely to come to the party to prop it up, unlike Victoria with Pyramid back in the 80's ( or was it the 90's? ).
Stockspecialist has summarised Morgans opinion on it and the p/e's and all that gumph that Morgans charge the lame and needy for. Their "target" is $10.50.
www.stockspecialist.com.au
A long term chart is in order.
Morgans may be correct with support/resistance at $10 but picking them up at $8 would appear to be a better way to go with the present bull effort about to restart before a possible crash.
Who knows?
gg
I personally am hoping for a further fall, it was way overpriced even with Re-insurance which itself is more costly. It is also a Queensland jewel and should a stock Armageddon come the Queensland Government are likely to come to the party to prop it up, unlike Victoria with Pyramid back in the 80's ( or was it the 90's? ).
Stockspecialist has summarised Morgans opinion on it and the p/e's and all that gumph that Morgans charge the lame and needy for. Their "target" is $10.50.
Suncorp Feeling the Burn
Insurance giant Suncorp Group Ltd is feeling the burn today ending the day over 6% to $11.35 a share...
www.stockspecialist.com.au
A long term chart is in order.
Morgans may be correct with support/resistance at $10 but picking them up at $8 would appear to be a better way to go with the present bull effort about to restart before a possible crash.
Who knows?
gg
Dona Ferentes
A little bit OC⚡DC
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Looks like ANZ might make a bid for Suncorp Bank. If so, details next week?
That would leave the Group as an insurance play, multichannel at that ?
That would leave the Group as an insurance play, multichannel at that ?
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SUN needs to be under $9.90 ( on current information ) to tempt me to add
but SUN is talking about a 'restructure ' would ANZ go for the whole package or just the tastiest part
take care
but SUN is talking about a 'restructure ' would ANZ go for the whole package or just the tastiest part
take care
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27 June 2022
Response to Media Speculation
Suncorp Group refers to recent media commentary regarding Suncorp’s banking operations.
As previously advised, Suncorp, from time to time, reviews its strategic alternatives in relation to all of its businesses and is currently doing so in respect of its banking operations.
a little dated but maybe ANZ sees an opportunity
Response to Media Speculation
Suncorp Group refers to recent media commentary regarding Suncorp’s banking operations.
As previously advised, Suncorp, from time to time, reviews its strategic alternatives in relation to all of its businesses and is currently doing so in respect of its banking operations.
a little dated but maybe ANZ sees an opportunity
Dona Ferentes
A little bit OC⚡DC
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$4.9 billion for the bank.
From around the traps:
The spate of local disasters has been so bad that one reinsurance figure was quoted in London-based industry newsletter Insurance Insider as likening Australia to “the new Florida” – populated but disaster prone – essentially arguing that the market here had previously been priced too cheaply.
The trimmed-down Suncorp confirming the cost of reinsurance had “increased significantly” and will wear more pain.
Suncorp’s “aggregate cover”, which protects it from a chain of smaller wild-weather calamities, kicks in only after a bill of $850 million has been tallied. Last year’s trigger was $650 million.
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Suncorp Group announces the sale of Suncorp Bank to create a
leading Trans-Tasman insurer
Suncorp Group Limited (ASX:SUN | ADR:SNMCY) (Suncorp or the Group) today announces it has signed a
share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ) to sell its
banking business (the Bank) (the Transaction).
Suncorp’s insurance operations in both Australia and New Zealand will not form part of the Transaction and the
Group’s head office will continue to be in Queensland.
The Bank will continue to operate under the Suncorp Bank brand pursuant to a licensing agreement between
ANZ and the Group for a period of 5 years post completion.
The Transaction continues the reshaping and simplification of the Suncorp Group, and positions both the
insurance and banking businesses for ongoing growth and success – benefiting employees, customers and
other stakeholders.
Transaction highlights
• Cash sale of Suncorp Bank to ANZ for $4.9 billion:
o Represents $1.3 billion of goodwill paid above net tangible assets1
o Represents 1.3x P/NTA1
.
• Additionally, a minimum fee of $50 million for the use of the Suncorp Bank brand, to be received over
time (representing $10 million per year under the Brand Licence Agreement between the Group and
ANZ).
• The Transaction is expected to yield net proceeds of $4.1 billion, representing $3.21 per share2. The
indicative proceeds are net of the impact of separation costs, transaction costs, other divestment related
costs and provisions, indicative capital gains tax, and other capital impacts. Consistent with the
approach taken in previous divestments, the current intention is to return the majority of proceeds to
shareholders.
• ANZ and Suncorp commit to maintain the strong current presence of Suncorp Bank in Queensland and
further invest in people and a range of initiatives in the state.
• Agreement with ANZ to license the Suncorp brand for the banking business for a period of 5 years post
completion, maintaining and enhancing the customer proposition of Suncorp Bank. The brand licence
period may extend for up to two years. If extended, Suncorp will receive an additional fee of $10 million
per year.
• A Transitional Services Agreement with ANZ for a period of 2 to 3 years post completion. Suncorp is
targeting the removal of stranded costs arising from the transaction within 3 years post completion.
• The Transaction is subject to a range of regulatory approvals from the Federal Treasurer and the
Australian Competition and Consumer Commission. Both parties will engage constructively with the
Queensland government in relation to the State Financial Institutions and Metway Merger Act 1996
(Qld).
1 Based on the last reported Net Tangible Assets (NTA) of the Bank of $3.6 billion, as at 31 December 2021. This NTA is subject to change
once the completion balance sheet is finalised.
2 Based on total number of ordinary shares on issues as at 30 June 2022 of 1,262,604,976.
2
Suncorp Group Limited | ABN 66 145 290 124 | Level 5, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au
• The targeted timeframe for completion is approximately 12 months, during which time Suncorp Group
will continue to run the Bank.
ANZ has indicated its intention to run the Bank as a separate business to minimise disruption and support the
Bank’s ongoing growth for at least the following three years. The Transaction creates an opportunity to
accelerate the plan for Suncorp Bank under ANZ’s ownership.
The Transaction also supports the ongoing transformation of Suncorp’s insurance businesses as it builds on its
leading market positions and scale in attractive and growing segments in Australia and New Zealand.
Suncorp Chairman Christine McLoughlin said: “This proposal has been assessed through the lens of creating
value for shareholders and, just as importantly, to ensure there is alignment of purpose and values and positive
outcomes for our people and customers.
“Suncorp Group, which is the proud home of several of Australia and New Zealand’s leading and most trusted
insurance brands including AAMI, GIO, Shannons, Apia and Vero, and of course the Suncorp brand, will
continue to offer the same great service to Queenslanders.
“Both businesses will benefit from a singular focus on their growth strategies and investment requirements.
“We believe the agreed price fairly values the Bank and reflects the hard work of our people and progress made
on delivering our strategic objectives.
“Our purpose of building futures and protecting what matters – the focus of our company for over 100 years – will
remain at our core and enable our people to deliver on our vision to create the leading Trans-Tasman insurance
company.”
Suncorp Group CEO Steve Johnston said: “As a dedicated insurance business we will be singularly focused on
meeting the needs of our customers and communities at a time when the value of insurance has never been
greater.
“We acknowledge the needs of insurance customers are rapidly changing, with a preference for digital
interactions and for product design to take into account personal circumstances and risk profiles. At the same
time, the external environment has seen more frequent and severe natural hazard events resulting in increased
costs and affordability challenges.
“Suncorp will continue to be at the forefront of advocating for a more resilient Australia and for all levels of
Government to focus on mitigating the impacts of major weather events through improved public infrastructure,
subsidies to improve private dwellings and an overhaul of planning laws.”
Mr Johnston said the decision to divest the Bank had not been taken lightly and had been informed by extensive
analysis and consideration.
“By combining with a larger banking group, Suncorp Bank will be well positioned for the future. Customers will
see benefits including access to a wider range of products and services, and career opportunities will be
enhanced for our people. ANZ is committed to growing its presence in Queensland and I am pleased about the
commitments they are making to our customers and employees.
“Suncorp Group remains fully committed to supporting the Bank until completion of the sale.”
Commitment to Queensland
As part of the Transaction, both Suncorp and ANZ are making a number of commitments to the state of
Queensland including:
ANZ’s commitment
• Maintaining Suncorp Bank’s strong Queensland presence, with ANZ committing to no net job losses or
branch closures as a result of the transaction for three years following completion of the transaction.
• Benefits for Suncorp Bank’s Queensland customers, including product and technology initiatives, and
additional development, career progression and training opportunities for Suncorp Bank employees.
3
Suncorp Group Limited | ABN 66 145 290 124 | Level 5, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au
• Allocating $15 billion of new lending as part of ANZ’s existing renewable lending commitments to
support Queensland renewable projects and green Olympic Games infrastructure over the next decade.
• $10 billion of new lending for energy projects particularly those targeting bioenergy and hydrogen over
the next decade.
• $10 billion of lending made available to support Queensland businesses over the next three years.
Suncorp Group’s commitments
• Broader Suncorp commitment to the region, including the establishment of a Disaster Response Centre
of Excellence, incorporating the latest technology to monitor, prepare for and respond to extreme
weather and natural disasters. It will include the employment hub for our flexible event workforce.
• Continuing to be maintain its head office in Queensland, operating out of the new purpose-built facility at
Heritage Lanes in Brisbane.
Suncorp reconfirms its commitment to its previously announced FY23 targets across all its businesses.
FY22 results will be released to the market on 8 August 2022.
Suncorp CEO & Managing Director, Steve Johnston and Chief Financial Officer, Jeremy Robson, will be
hosting an investor call at 9am (AEST).
==================================================================================
DYOR
i hold SUN
another incredible shrinking bank .. i wonder how long before branches start closing
leading Trans-Tasman insurer
Suncorp Group Limited (ASX:SUN | ADR:SNMCY) (Suncorp or the Group) today announces it has signed a
share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ) to sell its
banking business (the Bank) (the Transaction).
Suncorp’s insurance operations in both Australia and New Zealand will not form part of the Transaction and the
Group’s head office will continue to be in Queensland.
The Bank will continue to operate under the Suncorp Bank brand pursuant to a licensing agreement between
ANZ and the Group for a period of 5 years post completion.
The Transaction continues the reshaping and simplification of the Suncorp Group, and positions both the
insurance and banking businesses for ongoing growth and success – benefiting employees, customers and
other stakeholders.
Transaction highlights
• Cash sale of Suncorp Bank to ANZ for $4.9 billion:
o Represents $1.3 billion of goodwill paid above net tangible assets1
o Represents 1.3x P/NTA1
.
• Additionally, a minimum fee of $50 million for the use of the Suncorp Bank brand, to be received over
time (representing $10 million per year under the Brand Licence Agreement between the Group and
ANZ).
• The Transaction is expected to yield net proceeds of $4.1 billion, representing $3.21 per share2. The
indicative proceeds are net of the impact of separation costs, transaction costs, other divestment related
costs and provisions, indicative capital gains tax, and other capital impacts. Consistent with the
approach taken in previous divestments, the current intention is to return the majority of proceeds to
shareholders.
• ANZ and Suncorp commit to maintain the strong current presence of Suncorp Bank in Queensland and
further invest in people and a range of initiatives in the state.
• Agreement with ANZ to license the Suncorp brand for the banking business for a period of 5 years post
completion, maintaining and enhancing the customer proposition of Suncorp Bank. The brand licence
period may extend for up to two years. If extended, Suncorp will receive an additional fee of $10 million
per year.
• A Transitional Services Agreement with ANZ for a period of 2 to 3 years post completion. Suncorp is
targeting the removal of stranded costs arising from the transaction within 3 years post completion.
• The Transaction is subject to a range of regulatory approvals from the Federal Treasurer and the
Australian Competition and Consumer Commission. Both parties will engage constructively with the
Queensland government in relation to the State Financial Institutions and Metway Merger Act 1996
(Qld).
1 Based on the last reported Net Tangible Assets (NTA) of the Bank of $3.6 billion, as at 31 December 2021. This NTA is subject to change
once the completion balance sheet is finalised.
2 Based on total number of ordinary shares on issues as at 30 June 2022 of 1,262,604,976.
2
Suncorp Group Limited | ABN 66 145 290 124 | Level 5, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au
• The targeted timeframe for completion is approximately 12 months, during which time Suncorp Group
will continue to run the Bank.
ANZ has indicated its intention to run the Bank as a separate business to minimise disruption and support the
Bank’s ongoing growth for at least the following three years. The Transaction creates an opportunity to
accelerate the plan for Suncorp Bank under ANZ’s ownership.
The Transaction also supports the ongoing transformation of Suncorp’s insurance businesses as it builds on its
leading market positions and scale in attractive and growing segments in Australia and New Zealand.
Suncorp Chairman Christine McLoughlin said: “This proposal has been assessed through the lens of creating
value for shareholders and, just as importantly, to ensure there is alignment of purpose and values and positive
outcomes for our people and customers.
“Suncorp Group, which is the proud home of several of Australia and New Zealand’s leading and most trusted
insurance brands including AAMI, GIO, Shannons, Apia and Vero, and of course the Suncorp brand, will
continue to offer the same great service to Queenslanders.
“Both businesses will benefit from a singular focus on their growth strategies and investment requirements.
“We believe the agreed price fairly values the Bank and reflects the hard work of our people and progress made
on delivering our strategic objectives.
“Our purpose of building futures and protecting what matters – the focus of our company for over 100 years – will
remain at our core and enable our people to deliver on our vision to create the leading Trans-Tasman insurance
company.”
Suncorp Group CEO Steve Johnston said: “As a dedicated insurance business we will be singularly focused on
meeting the needs of our customers and communities at a time when the value of insurance has never been
greater.
“We acknowledge the needs of insurance customers are rapidly changing, with a preference for digital
interactions and for product design to take into account personal circumstances and risk profiles. At the same
time, the external environment has seen more frequent and severe natural hazard events resulting in increased
costs and affordability challenges.
“Suncorp will continue to be at the forefront of advocating for a more resilient Australia and for all levels of
Government to focus on mitigating the impacts of major weather events through improved public infrastructure,
subsidies to improve private dwellings and an overhaul of planning laws.”
Mr Johnston said the decision to divest the Bank had not been taken lightly and had been informed by extensive
analysis and consideration.
“By combining with a larger banking group, Suncorp Bank will be well positioned for the future. Customers will
see benefits including access to a wider range of products and services, and career opportunities will be
enhanced for our people. ANZ is committed to growing its presence in Queensland and I am pleased about the
commitments they are making to our customers and employees.
“Suncorp Group remains fully committed to supporting the Bank until completion of the sale.”
Commitment to Queensland
As part of the Transaction, both Suncorp and ANZ are making a number of commitments to the state of
Queensland including:
ANZ’s commitment
• Maintaining Suncorp Bank’s strong Queensland presence, with ANZ committing to no net job losses or
branch closures as a result of the transaction for three years following completion of the transaction.
• Benefits for Suncorp Bank’s Queensland customers, including product and technology initiatives, and
additional development, career progression and training opportunities for Suncorp Bank employees.
3
Suncorp Group Limited | ABN 66 145 290 124 | Level 5, 80 Ann Street, Brisbane Qld 4000
suncorpgroup.com.au
• Allocating $15 billion of new lending as part of ANZ’s existing renewable lending commitments to
support Queensland renewable projects and green Olympic Games infrastructure over the next decade.
• $10 billion of new lending for energy projects particularly those targeting bioenergy and hydrogen over
the next decade.
• $10 billion of lending made available to support Queensland businesses over the next three years.
Suncorp Group’s commitments
• Broader Suncorp commitment to the region, including the establishment of a Disaster Response Centre
of Excellence, incorporating the latest technology to monitor, prepare for and respond to extreme
weather and natural disasters. It will include the employment hub for our flexible event workforce.
• Continuing to be maintain its head office in Queensland, operating out of the new purpose-built facility at
Heritage Lanes in Brisbane.
Suncorp reconfirms its commitment to its previously announced FY23 targets across all its businesses.
FY22 results will be released to the market on 8 August 2022.
Suncorp CEO & Managing Director, Steve Johnston and Chief Financial Officer, Jeremy Robson, will be
hosting an investor call at 9am (AEST).
==================================================================================
DYOR
i hold SUN
another incredible shrinking bank .. i wonder how long before branches start closing
