SUN - Suncorp Group

[divs4ever]

ANZ completes acquisition of Suncorp Bank

ANZ today confirmed it has completed its acquisition of Suncorp Bank.

ANZ Chief Executive Officer Shayne Elliott said: “Today is an exciting day for the ANZ Group, as we complete our acquisition of Suncorp Bank.
“This strategically important acquisition boosts our presence in Queensland, adds scale to our Retail and Commercial businesses, and means we can compete more effectively across the Australian market.
“Tomorrow we will welcome the roughly 3,000 strong Suncorp Bank team and their 1.2 million customers into the ANZ Group.“

Suncorp Bank customers will continue to receive the same great service, from the same exceptional Suncorp Bank staff.
Over time, we will make available to them ANZ’s newest technology, giving them access to the very latest in banking services
“Our acquisition demonstrates our commitment to Queensland and Queenslanders.
We look forward to playing our part to help Queensland to continue to grow and prosper,” Mr Elliott said.

Completion of the acquisition follows the commencement of Queensland legislation amending the Metway Merger Act today, approval of the acquisition by the Federal Treasurer on 28 June 2024 and authorisation under Australia’s competition laws by the Australian Competition Tribunal on 20 February 2024.

Chairman’s letter to shareholders – Suncorp Group completes sale of Bank to ANZ

Dear Shareholder

Suncorp Group completes sale of Bank to ANZ

I am writing to inform you that Suncorp Group today announced the successful completion of the sale of our banking business (the Bank) to the Australia and New Zealand Banking Group Limited (ANZ), as announced on18 July 2022.

You can read the ASX statement here.As you may recall, there were a number of approvals required to complete the sale and these have now been received, including approvals from the Australian Competition Tribunal on 20 February 2024 and the Federal Treasurer under the Financial Sector (Shareholdings) Act on 28 June 2024.
Additionally, the Queensland government also passed legislation in June 2024 to amend the Metway Merger Act, which has now taken effect and shifted previous Queensland headquartering and staffing obligations from the Bank to Suncorp Group as a dedicated insurer.
The completion of this transaction marks a significant milestone for Suncorp and has resulted in Suncorp Group becoming a dedicated Trans-Tasman insurance business, proudly headquartered in Queensland.
Net proceeds from the sale of the Bank are expected to be around $4.1 billion.

Your Board remains committed to returning to shareholders proceeds that are in excess of the needs of the business.
Accordingly, we currently expect the majority of net proceeds will be returned to shareholders around the first quarter of the 2025 calendar year, with timing dependent on receipt of a ruling from the Australian Tax Office and approval from the Australian Prudential Regulation Authority.

We expect the return of proceeds will consist of two components: the payment of a special dividend and a cash payment (capital return) for a portion of your shareholding.

Shareholders will be asked to approve resolutions relating to the completion of the sale of the Bank at our 2024 Annual General Meeting to be held on 22 October in Brisbane.

These resolutions include the return of capital to ordinary shareholders and consolidation of ordinary shares, as well as the required amendments to the Suncorp Constitution to reflect Suncorp’s commitments to the Queensland Government under the Metway Merger Act.

More details will be provided in the Notice of Meeting, which you will receive in September.

On behalf of the Board, I thank our people and shareholders for their patience throughout the extensive process and wish the banking team well.

As a dedicated insurance company, Suncorp Group looks forward to delivering greater value for our customers,communities and shareholders.

Yours sincerely,

i hold SUN

looks like i finally get the channel trader , i had picked it to be

can't wait for the elephant tears from the QLD Government when branches start closing again

 

[divs4ever]

Suncorp announces leadership changes

Suncorp Group (ASX: SUN | ADR: SNMCY) today announced changes to its executive leadership team to support its future as a dedicated Trans-Tasman insurer following completion of the sale of the Bank to ANZ.

Belinda Speirs, currently Group Executive Completion and Transition, has been appointed to the newly created role of Chief Executive People, Legal and Corporate Services, based in Brisbane.
This brings together Suncorp’s People and Culture, Legal and Secretariat, Procurement, Partnering and Real Estate functions.
Adam Bennett, Group Executive Technology and Operations, will assume responsibility for the delivery of the Transitional Services Agreements (TSAs) with ANZ to provide a range of services to Suncorp Bank, the majority of which are planned to be exited within two years and the remainder exited no later than five years.
As a result, Fiona Thompson, Group Executive People, Culture and Advocacy will depart Suncorp later this calendar year.
Fiona has held a number of senior roles since joining Suncorp in 2001, including Chief Risk Officer, and has been a member of the executive leadership team since 2016.
Suncorp Group CEO Steve Johnston said the smaller executive team and changes reflected Suncorp’s new chapter as a pure play insurer.
“The changes also reflect legislative amendments made by the Queensland Parliament through the Metway Merger Act as part of the bank sale and our requirements to deliver on the TSAs with ANZ,”
Mr Johnston said.“Having worked across a broad range of corporate functions since joining Suncorp in 2013, including as our Group General Counsel, Belinda is well placed to lead our newly created People, Legal and Corporate Services function,” he said.
“I would also like to take the opportunity to thank Fiona for her extraordinary leadership, significant contribution and dedication over her 23 years with Suncorp and I wish her well in the future.”

The changes are effective 2 September 2024.

Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

ENDS

i hold SUN

 

[divs4ever]

Suncorp could deliver the trifecta - Special dividends, buybacks and share consolidation in FY25​

Suncorp could deliver the trifecta - Special dividends, buybacks and share consolidation in FY25

Suncorp Group CEO Steve Johnston tells us there's plenty of shareholder value on the way.

www.livewiremarkets.com

share consolidations ??

i have mostly very negative outcomes from them ( BSL the standout exception )

no bank , means this is relegated into a trading/gambling stock in my portfolio ( no longer considered 'an investment ' )

( i hold SUN )

 

[Garpal Gumnut]

share consolidations ??

i have mostly very negative outcomes from them ( BSL the standout exception )

no bank , means this is relegated into a trading/gambling stock in my portfolio ( no longer considered 'an investment ' )

( i hold SUN )

You may be correct @divs4ever but with a 25% gain in price this year and delivery of close to 4.5% ff dividend it has not been a bad stock to hold. There has been some recent board member buying albeit a small amount, well not big.

I may hold off adding further in my SMSF until after the wet season, predicted to be short and harmless, but who can predict the future. A move over $18 on volume may change my mind to an earlier buy.

A chart.

gg

 

[divs4ever]

You may be correct @divs4ever but with a 25% gain in price this year and delivery of close to 4.5% ff dividend it has not been a bad stock to hold. There has been some recent board member buying albeit a small amount, well not big.

I may hold off adding further in my SMSF until after the wet season, predicted to be short and harmless, but who can predict the future. A move over $18 on volume may change my mind to an earlier buy.

A chart.

View attachment 185379

gg

i am watching and contemplating swapping this from a bank/investment strategy to ( my version of ) a ' channel trading' stock ( with some possibility of a 'take the money and run ' play )

 

[dyna]

Heap of announcements out today ( 12 th Feb . 2025 ) some not final , just yet .
e.g. : Suncorp has received a draft ruling from the ATO on the Capital Return but a " Final ATO Ruling " on tax implications will be provided after completion of payments to shareholders on 5 th March .

 

[divs4ever]

Heap of announcements out today ( 12 th Feb . 2025 ) some not final , just yet .
e.g. : Suncorp has received a draft ruling from the ATO on the Capital Return but a " Final ATO Ruling " on tax implications will be provided after completion of payments to shareholders on 5 th March .

yes fairly complicated , a capital return , a special div. ( stapled to the back of the regular div.) AND a weird share consolidation

why the consolidation ??? ( and the conversion ratio ) trying to prop up the share price without unleashing a share buy-back perhaps

and ALSO pausing the DRP ( where they could have just bought the DRP shares on market , to soak up some excess capital

i hold SUN , hmmm to 'channel trade ' or exit on a rally after the dust settles , decisions decisions \
( if they totally abandon the DRP i will be more tempted toward the second option )

 

[divs4ever]

Update on Tropical Cyclone Alfred

Suncorp (ASX: SUN | ADR: SNMCY) today announced it is preparing for Tropical Cyclone Alfred to make landfall later this week between the Sunshine Coast and Brisbane, potentially impacting large areas of southeast Queensland and northern New South Wales, based on current modelling.
The cyclone is expected to bring strong winds, torrential rain and flooding. Residents in areas likely to be affected are urged to take the threat from Tropical Cyclone Alfred seriously by securing all outdoor items and taking actions to protect their properties.
Suncorp CEO Steve Johnston said although there was uncertainty surrounding the cyclone’s path and strength,customers should prioritise their safety and prepare for impact.“Our Disaster Management Centre is active, and Suncorp’s disaster response team is closely monitoring the weather system as it approaches the Queensland coast.
Given this system is likely to affect a large geographical area, we are preparing our response and claims teams to assist impacted customers,” Mr Johnston said.“Any customers affected by this event are reminded they can lodge their claims through our digital channels as soon as it is safe to do so.”
Suncorp notes that the federal Government’s Cyclone Reinsurance Pool provides cover for damage that occurs while the weather system is classified as a cyclone and for 48 hours from the time that it is downgraded.
Additionally, Suncorp has a comprehensive reinsurance program in place that provides protection against large weather events, with a maximum event retention of $350 million. Suncorp’s main catastrophe cover provides protection of up to $6.75 billion with a full reinstatement in place.
Suncorp also maintains some residual cover from its Queensland Quota Share arrangement, which remains in place for approximately 25% of Home customers in the state.
Suncorp reported that in 1H25, it was $277 million below its natural hazard allowance in the half year.
Suncorp maintains a strong capital position following the return of net proceeds from the sale of Suncorp Bank to shareholders.

ENDS

Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

i hold SUN

given the recent divestment ( of the banking arm ) i think this is very over-priced

wake me up when this hits $10 ( my last buy was @ $9.97 in February 2021 )

 

[Garpal Gumnut]

Update on Tropical Cyclone Alfred

Suncorp (ASX: SUN | ADR: SNMCY) today announced it is preparing for Tropical Cyclone Alfred to make landfall later this week between the Sunshine Coast and Brisbane, potentially impacting large areas of southeast Queensland and northern New South Wales, based on current modelling.
The cyclone is expected to bring strong winds, torrential rain and flooding. Residents in areas likely to be affected are urged to take the threat from Tropical Cyclone Alfred seriously by securing all outdoor items and taking actions to protect their properties.
Suncorp CEO Steve Johnston said although there was uncertainty surrounding the cyclone’s path and strength,customers should prioritise their safety and prepare for impact.“Our Disaster Management Centre is active, and Suncorp’s disaster response team is closely monitoring the weather system as it approaches the Queensland coast.
Given this system is likely to affect a large geographical area, we are preparing our response and claims teams to assist impacted customers,” Mr Johnston said.“Any customers affected by this event are reminded they can lodge their claims through our digital channels as soon as it is safe to do so.”
Suncorp notes that the federal Government’s Cyclone Reinsurance Pool provides cover for damage that occurs while the weather system is classified as a cyclone and for 48 hours from the time that it is downgraded.
Additionally, Suncorp has a comprehensive reinsurance program in place that provides protection against large weather events, with a maximum event retention of $350 million. Suncorp’s main catastrophe cover provides protection of up to $6.75 billion with a full reinstatement in place.
Suncorp also maintains some residual cover from its Queensland Quota Share arrangement, which remains in place for approximately 25% of Home customers in the state.
Suncorp reported that in 1H25, it was $277 million below its natural hazard allowance in the half year.
Suncorp maintains a strong capital position following the return of net proceeds from the sale of Suncorp Bank to shareholders.

ENDS

Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

i hold SUN

given the recent divestment ( of the banking arm ) i think this is very over-priced

wake me up when this hits $10 ( my last buy was @ $9.97 in February 2021 )

#MeToo.

gg

 

[divs4ever]

Update on ex-Tropical Cyclone Alfred

Suncorp (ASX: SUN | ADR: SNMCY) today provided an update on the impacts of strong winds, heavy rainfall and flooding across south-east Queensland and northern New South Wales, following Tropical Cyclone Alfred.
The system was downgraded to a tropical low before crossing the coast of Queensland on Saturday 8 March.As of Tuesday 11 March, Suncorp had received around 7,800 claims across both states.
Of these, around 7,200 were in Home, including over 2,100 food spoilage claims, with most of these claims falling within the Cyclone Reinsurance Pool coverage period.
Suncorp notes that the federal Government’s Cyclone Reinsurance Pool provides cover for damage that occurred up to 6am on Monday, 10 March 2025.
Suncorp CEO Steve Johnston said while the rain and flooding was still unfolding in some areas, it was already supporting customers in lodging claims and providing immediate assistance, including emergency repairs.
“We continue to urge customers to prioritise their safety as flooding continues across many communities. We encourage impacted customers to lodge their claims online as soon as possible,” Mr Johnston said.“In addition, our dedicated customer support teams, mobile response hubs and assessors are being deployed into affected areas as soon as it becomes safe,” he said.
“Our investments in disaster management capability and claims resources have left us well placed to prepare,respond and support the recovery.”
Suncorp has a comprehensive reinsurance program in place that provides protection against large weather events, with a maximum event retention of $350 million. Suncorp’s main catastrophe cover provides protection of up to $6.75 billion with a full reinstatement in place.
Suncorp also maintains some residual cover from its Queensland Quota Share arrangement, which remains in place for approximately 25% of Home customers in the state.

ENDS

Authorised for lodgement with the ASX by the Suncorp Disclosure Committee.

i hold SUN

don't get excited yet there is more flooding via run-off expected