SUN - Suncorp Group
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UMike
Klutzing in Thai
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Not sure why either.
QBE shot up as well for a brief period.
They have both since retraced. But are now slowly coming back.
Been a holder of SUN for 14 odd months. Had my fun. Looking to get out.
QBE shot up as well for a brief period.
They have both since retraced. But are now slowly coming back.
Been a holder of SUN for 14 odd months. Had my fun. Looking to get out.
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Sale of bank looking like a rather nicely timed move ......... assuming all approvals go ahead.
Cheers
J
Cheers
J
Dona Ferentes
A little bit OC⚡DC
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Not happening
Knobby22
Mmmmmm 2nd breakfast
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Very good news.
Suncorp will now need to consider a merger with Bendigo Bank if the executive team want to get rich(er).
Suncorp will now need to consider a merger with Bendigo Bank if the executive team want to get rich(er).
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hmmm !
that will certainly make me re-think my strategy on my current SUN holding
Garpal Gumnut
Ross Island Hotel
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Indeed and thanks to Jonathon Swift who has some interesting descendants of Christian and Family Name.
Great fleas have little fleas upon their backs to bite 'em,
And little fleas have lesser fleas, and so ad infinitum.
And the great fleas themselves in turn have greater fleas to go on;
While these again have greater still, and greater still, and so on.
gg
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From my own personal experiences with Suncorp, this sums them up beautifully.
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Suncorp (ASX: SUN | ADR: SNMCY) today provided an update on the ongoing weather events that have impacted Queensland, New South Wales, Victoria and the ACT since the end of November, including ex-Tropical Cyclone Jasper.
As of last night, approximately 19,000 claims have been received from customers impacted by the weather events, including about 13,000 home claims.
Queensland has been hardest hit with 12,500 total claims and 9,500 home claims, with more expected as the full impact of the current flooding in the South East becomes known.
Suncorp Group CEO Steve Johnston, who this week visited customers and Suncorp teams on the ground in the Gold Coast and Cairns, said the Group was focused on assisting impacted customers as quickly as possible.
“While the damage I have seen across both the South East and Far North of Queensland has been significant and the recovery will take time, we have our teams and full supply chains mobilised and in action,” Mr Johnston said. “These rolling series of storms extended across multiple states and as far inland as Orange in the Central Tablelands of New South Wales.
We have good capacity with builders, Assessors and Claims Teams already working across multiple impacted communities helping get our customers back on their feet.
“These storms have been a reminder of the devastating impact of extreme weather and our deepest condolences to all those who have lost family and friends.” “I also want to thank everyone involved in the ongoing response and recovery who have rolled up their sleeves to help the community in a time of need – including our partners, the Queensland, New South Wales and Victorian SES.
” Impacted customers are encouraged to lodge their claims online and as soon as possible when it is safe to do so.
Whilst it is too early to provide a total forecast cost of these events given their ongoing nature, Suncorp expects to be within its natural hazard allowance of $680 million for the half year to December 2023.
The natural hazard allowance for FY24 is $1,360 million.
The Group has a comprehensive reinsurance program in place, with a maximum event retention of $350 million and a 30% Queensland Home quota share.
Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.
i hold SUN
As of last night, approximately 19,000 claims have been received from customers impacted by the weather events, including about 13,000 home claims.
Queensland has been hardest hit with 12,500 total claims and 9,500 home claims, with more expected as the full impact of the current flooding in the South East becomes known.
Suncorp Group CEO Steve Johnston, who this week visited customers and Suncorp teams on the ground in the Gold Coast and Cairns, said the Group was focused on assisting impacted customers as quickly as possible.
“While the damage I have seen across both the South East and Far North of Queensland has been significant and the recovery will take time, we have our teams and full supply chains mobilised and in action,” Mr Johnston said. “These rolling series of storms extended across multiple states and as far inland as Orange in the Central Tablelands of New South Wales.
We have good capacity with builders, Assessors and Claims Teams already working across multiple impacted communities helping get our customers back on their feet.
“These storms have been a reminder of the devastating impact of extreme weather and our deepest condolences to all those who have lost family and friends.” “I also want to thank everyone involved in the ongoing response and recovery who have rolled up their sleeves to help the community in a time of need – including our partners, the Queensland, New South Wales and Victorian SES.
” Impacted customers are encouraged to lodge their claims online and as soon as possible when it is safe to do so.
Whilst it is too early to provide a total forecast cost of these events given their ongoing nature, Suncorp expects to be within its natural hazard allowance of $680 million for the half year to December 2023.
The natural hazard allowance for FY24 is $1,360 million.
The Group has a comprehensive reinsurance program in place, with a maximum event retention of $350 million and a 30% Queensland Home quota share.
Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.
i hold SUN
Dona Ferentes
A little bit OC⚡DC
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broker Citi has put out a note on Suncorp saying the sale of its banking unit is "more likely to occur than not". Citi says it expects solid revenue growth for Suncorp due to interest rate increases over the past six months. However, it also expects 1H FY24 net interest margins to be lower than forecasted due to an "intensely competitive environment".
Citi has raised its 12-month share price target on Suncorp shares to $15.55, SUN is currently $14.01.
ANZ shares have lifted 4.5% over the past 12 months, while Suncorp shares have risen 13.35%.
Citi has raised its 12-month share price target on Suncorp shares to $15.55, SUN is currently $14.01.
ANZ shares have lifted 4.5% over the past 12 months, while Suncorp shares have risen 13.35%.
Dona Ferentes
A little bit OC⚡DC
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ANZ wins $4.9b Suncorp bank takeover on appeal
A tribunal has found there would not be a substantial lessening of competition if the bank acquired its regional rival, setting aside the ACCC’s rejection
A tribunal has found there would not be a substantial lessening of competition if the bank acquired its regional rival, setting aside the ACCC’s rejection
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Suncorp Group announces the sale of its New Zealand Life business
Suncorp Group Limited (ASX: SUN | ADR: SNMCY) (Suncorp or the Group) today announces it has signed a share sale and purchase agreement with Resolution Life NOHC, Resolution Life Group’s holding company in Australia and New Zealand (Resolution Life) to sell its New Zealand life insurance business, Asteron Life Limited (Asteron Life) (the Transaction).
Suncorp’s New Zealand general insurance business remains unchanged and part of the Suncorp Group.
The sale of Asteron Life for NZ$410 million includes an upfront payment of NZ$250 million at completion with the remainder due 18 months after completion, during which time interest will be earned on the outstanding balance.
The Transaction is subject to New Zealand regulatory approvals and notifications including the Reserve Bank of New Zealand, the Overseas Investment Office and Commerce Commission, and is expected to complete within nine months.
The Transaction will result in no change to Asteron Life’s business operations, which is expected to: –
continue to operate under the same Asteron Life brand with the same management team; –
continue to support advisers and their customers using the same local New Zealand team; and –
remain open to new business after the acquisition completes.
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.
“The Transaction continues the reshaping of the Suncorp Group, and positions both the general and life insurance businesses for ongoing growth and success – benefiting employees, customers, and other stakeholders.
We believe it is a win-win for our stakeholders.
“We have simplified our portfolio in recent years under a strategy designed to align everyone at Suncorp around improving the way we deliver value for our Australian and New Zealand customers.
We remain committed to the New Zealand general insurance market as part of our refocused group.
” Suncorp New Zealand CEO Jimmy Higgins said, he believed the Transaction was in the best interests of Asteron Life’s policyholders and allowed the New Zealand team to focus exclusively on general insurance, including continuing to create competitive and compelling insurance products and services.
About Resolution Life Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies.
Since 2003 Resolution entities, together with Resolution Life have served the needs of c.14 million policyholders while managing over $377 billion of assets.
Resolution Life today has operations in Bermuda, the U.K., the U.S., Australia and New Zealand, assisting the restructuring of the primary life insurance industry globally.
Resolution Life Australasia Resolution Life Australasia is part of Resolution Life and has approximately NZ$30.4 billion in assets under management in Australia and New Zealand.
It has a dedicated focus on servicing its 1.1 million customers across Australia and New Zealand, providing them with competitive premiums, quality investment management, great customer service and efficient claims management
i hold SUN
hmmm another incredible shrinking company
Suncorp Group Limited (ASX: SUN | ADR: SNMCY) (Suncorp or the Group) today announces it has signed a share sale and purchase agreement with Resolution Life NOHC, Resolution Life Group’s holding company in Australia and New Zealand (Resolution Life) to sell its New Zealand life insurance business, Asteron Life Limited (Asteron Life) (the Transaction).
Suncorp’s New Zealand general insurance business remains unchanged and part of the Suncorp Group.
The sale of Asteron Life for NZ$410 million includes an upfront payment of NZ$250 million at completion with the remainder due 18 months after completion, during which time interest will be earned on the outstanding balance.
The Transaction is subject to New Zealand regulatory approvals and notifications including the Reserve Bank of New Zealand, the Overseas Investment Office and Commerce Commission, and is expected to complete within nine months.
The Transaction will result in no change to Asteron Life’s business operations, which is expected to: –
continue to operate under the same Asteron Life brand with the same management team; –
continue to support advisers and their customers using the same local New Zealand team; and –
remain open to new business after the acquisition completes.
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.
“The Transaction continues the reshaping of the Suncorp Group, and positions both the general and life insurance businesses for ongoing growth and success – benefiting employees, customers, and other stakeholders.
We believe it is a win-win for our stakeholders.
“We have simplified our portfolio in recent years under a strategy designed to align everyone at Suncorp around improving the way we deliver value for our Australian and New Zealand customers.
We remain committed to the New Zealand general insurance market as part of our refocused group.
” Suncorp New Zealand CEO Jimmy Higgins said, he believed the Transaction was in the best interests of Asteron Life’s policyholders and allowed the New Zealand team to focus exclusively on general insurance, including continuing to create competitive and compelling insurance products and services.
About Resolution Life Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies.
Since 2003 Resolution entities, together with Resolution Life have served the needs of c.14 million policyholders while managing over $377 billion of assets.
Resolution Life today has operations in Bermuda, the U.K., the U.S., Australia and New Zealand, assisting the restructuring of the primary life insurance industry globally.
Resolution Life Australasia Resolution Life Australasia is part of Resolution Life and has approximately NZ$30.4 billion in assets under management in Australia and New Zealand.
It has a dedicated focus on servicing its 1.1 million customers across Australia and New Zealand, providing them with competitive premiums, quality investment management, great customer service and efficient claims management
i hold SUN
hmmm another incredible shrinking company
Dona Ferentes
A little bit OC⚡DC
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this has been a long saga, and changes have likely been put on hold, but there's been plenty of time to plan for the new iteration.
CEO Steve Johnston said the transaction, when completed, would allow Suncorp to improve the distribution and underwriting of its core consumer and commercial insurance products and would provide more capital to support insurance because it would not be sucked up by the subscale bank.
“We are looking to continue to modernise underlying technology platforms,” Mr Johnston said. “We have all our data in the cloud, a new pricing engine, and are progressively putting new technology into the policy administration system. And we will ultimately upgrade our claims processes as well.”
"Dealing with all the regulations and necessary investment to support the bank would have compromised our ability to invest capital in insurance, which is becoming more capital consumptive.
“We will be able to spend 100 per cent of our time on insurance, as opposed to 70 per cent in the current environment. We have been champing at the bit to be unencumbered, and to be able to execute."
Garpal Gumnut
Ross Island Hotel
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The drop in SUN today has dimmed the otherwise good performance of my asx portfolio. Does any know if there is a reason?
gg
gg
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only a guess but maybe there are whispers the sale of the banking arm will not go smoothly ,
personally i would prefer the banking arm stayed , they are not so good at keeping insurance customers ( or the ones they retain happy )
OR maybe the special div. ( or capital return ) might be less than some anticipate
personally i can't see an insurance only SUN being worth more than $10
maybe i have friends with that thinking
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BTW my last buy of SUN was Feb 2021 @ $9.90
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from the 28 June 2024 ann.
Suncorp Group CEO Steve Johnston said the decision was an important step towards Suncorp Group becoming a dedicated Trans-Tasman insurer, proudly headquartered in Queensland.
“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” Mr Johnston said.
crikey , maybe I should looking at exit prices as well
i already hold TWR , QBE and IAG , do i need a net-zero insurer that dabbles in NZ ( the shaky isles )
Suncorp Group CEO Steve Johnston said the decision was an important step towards Suncorp Group becoming a dedicated Trans-Tasman insurer, proudly headquartered in Queensland.
“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” Mr Johnston said.
crikey , maybe I should looking at exit prices as well
i already hold TWR , QBE and IAG , do i need a net-zero insurer that dabbles in NZ ( the shaky isles )
Garpal Gumnut
Ross Island Hotel
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Thanks @divs4ever
I guessed it may have been something like that. Great minds think alike ... and ........
Although I believe insurance companies never lose. I'll keep an eye on the sp as well.
gg
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insurance companies tend to bounce around a lot ( leaving dips that may tempt buying )
cheers
also SUN might be different but insurers tend not to pay big divs reliably
