Suncorp

By: EconomyWatch Content   Date: 30 October 2009

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Suncorp has been through a number of mergers and acquisitions to finally emerge as Australia’s fifth largest bank as of June 2008. The bank was also the largest general insurance group by gross written premium as on June 30, 2008. The bank’s products and services are used by about 35% of Australian households.

Suncorp: History

Formed in 1916 as the State Accident Insurance Office, Suncorp went through a name change soon after and incorporated the following services into its portfolio:

  • Life insurance

  • General insurance

  • Compulsory Third Party

  • Superannuation

  • Building society

  • Finance operations

On December 1, 1996, Suncorp and QIDC, owned by the Queensland government, merged into the publicly-listed and Queensland's largest locally based bank, Metway Bank, to form Suncorp Metway. The merged company continued to diversify its product offering until July 1, 2002, when the Suncorp brand was launched again to represent the bank’s banking activities in Queensland and the Banking and Wealth Management services outside Queensland.

The key activities that made an impact on Suncorp were:

  • The acquisition of GIO and AMP's general insurance business in 2001 expanded the customer base and diversified the bank’s business mix. The market base of the bank’s existing personal and commercial insurance and workers compensation businesses also expanded through the acquisition.

  • The acquisition of the Promina Group in 2007 further diversified Suncorp’s general insurance and financial services businesses.

  • Suncorp’s market share in personal and commercial insurance product offerings is extensive across Australia and New Zealand.

 

 Suncorp: Services

The key services by Suncorp are:

Banking: The bank has 237 retail and business banking outlets spread primarily across Queensland, New South Wales and Victoria. Suncorp has seven key areas of business operation:

  • Commercial Banking

  • Corporate Banking

  • Agribusiness

  • Property Finance

  • Equipment Finance

  • International Trade Finance

Insurance: Being the country’s third largest general insurance group, Suncorp offers personal insurance products. It also offers a range of commercial insurance products tailored to meet the requirements of the small to medium business market.

Wealth Management: This segment provides life insurance and other risk protection products.

Investment Management: This unit currently manages over $14 billion in funds in superannuation, investment funds and general insurance.


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