Company: Suncorp Page 1 / 2
-
- March 1 2025
Suncorp to settle class action suit over add-on sales
Settlement must be approved by the Supreme Court of Victoria, but no date has been set for the hearing,
-
- February 12 2025
Suncorp’s H1 FY25 insurance service result up 134% at US$582m
Australian insurer's general underwriting performance helped by favourable natural hazard experience and reserve releases.
-
- February 11 2025
Queensland flood claims top 5,600, but more rain expected as clean-up begins
Suncorp said it has received more than 1,400 claims across its brands as of Tuesday morning.
-
- February 6 2025
Queensland flood claims near 4,000, but too early to estimate total damage
Insurance Council of Australia says many communities remain isolated after the region was battered by heavy rain since last week.
-
- February 3 2025
Suncorp finalises US$231m Asteron Life sale, strengthening focus on P&C
The carrier's general insurance business in New Zealand remains unchanged.
-
- January 22 2025
Australia twin event losses to remain below major cat level, adjuster says
Carriers received 5,400+ claims from severe weather events on the east coast, while Cyclone Sean caused record rains and port disruptions in Western Australia.
-
- November 8 2024
Fitch downgrades Suncorp Group following banking exit, higher reinsurance retentions
The group’s main non-life arm AAI’s financial strength rating has been changed to A+ from AA-.
-
- November 8 2024
Suncorp’s Vero Insurance expands into specialty lines
The first product to be launched will be high hazard property, which will focus more on businesses with more complex risk profiles rather than those exposed to higher natural hazard losses.
-
- October 22 2024
Australian financial ombudsman tells Suncorp to scrap 60% home premium hike: report
The action against the carrier follows recent regulatory fines against several insurers over allegations of mispricing and a class action suit against IAG over excessive hikes in home insurance renewal premiums.
-
- October 8 2024
AA Insurance fined US$3.8m for overcharging & misleading customers: report
The High Court in Auckland found AA Insurance failed to apply discounts and misled customers in its marketing material, according to a local media report.
-
- August 19 2024
Suncorp Group’s FY 2024 general insurance post-tax profit rises 42% to US$722.3m
Its general insurance results benefitted from strong growth in its consumer insurance, whose profit doubled to US$283.6m, while its New Zealand business tripled to US$118.4m, benefitting from benign nat cat claims compared to FY2023.
-
- August 1 2024
Fitch reviews Suncorp’s negative rating watch on impact from bank sale
The completed bank sale will allow Suncorp Group to focus on its core non-life insurance operation and support the insurer’s business profile over time.
-
- July 31 2024
Suncorp to ‘sharpen focus on delivering insurance’ as bank sale closes
The Queensland-based insurer has completed the sale of its banking arm to ANZ first announced in 2022 and expects to net US$2.7bn from the transaction.
-
- July 6 2024
Suncorp lifts top of cat reinsurance tower to US$4.6bn for FY 2025
The cat reinsurance program will protect from major events starting from AU$350m (US$236.2m), and renewed program changes have no material impact on target capital for the group.
-
- June 28 2024
Suncorp’s US$3.2bn bank sale to ANZ gets treasurer’s greenlight
The approval by Treasurer Jim Chalmers has now set in motion the final completion of the deal, now expected by end of July.
-
- April 10 2024
NSW ‘black nor’easter’ storms declared significant event as claims top 11,500: ICA
Suncorp, which received 2,700 claims, and IAG, with 3,100 claims, have said that almost 80% of the losses are coming from property damage.
-
- April 4 2024
Suncorp exits New Zealand life arm for US$244m to focus on P&C business
Resolution Life will acquire the Australian insurer-owned Asteron Life and the deal is expected to be completed in nine months.
-
- February 26 2024
Suncorp’s H1 net profit up 5.4% on strong consumer business growth, investment gains
Its first-half GWP rose 16%, while COR edged up 95.7%. CEO Steve Johnston expects inflation to remain a challenge this year.
-
- February 20 2024
Australia’s competition tribunal greenlights Suncorp’s US$3.2bn bank sale to ANZ
After the deal, which is now expected to be completed by mid-2024, Suncorp will remain a dedicated insurance group headquartered in Brisbane.
-
- January 29 2024
Suncorp H1 nat cat bill at US$374m, retains full limits on reinsurance cover
The nat cat cost for the first six months is less than the FY 2024 allowance with costs of the December wild weather events coming in below the retention limit.
