Suncorp-Metway Limited
From IntFX
See also: SUN for realtime information.
The Suncorp Group is one of the largest and most diversified financial services company in Australia and New Zealand. Company has services in areas of banking, home loans, insurance, Investments, superannuation, Financial Planning and business banking & insurance. It provides its range of services through extensive branch & agency network, call centre operations, on-line facilities and through intermediaries and corporate partners. It focuses on retail customers and small to medium size business houses. The company has brand offering of Suncorp and GIO, with GIO being the main insurance brand outside of Queensland.
The Company has range of products which is managed through following business segments:-
- Retail & Business Banking: It includes commercial banking, agribusiness, property and equipment finance and home, personal and small business loans. It also includes loans, savings and investment account, credit cards and foreign currency services
- Insurance: It includes home and motor insurance, commercial insurance, compulsory third-party insurance and workers' compensation services
- Wealth Management: It includes life insurance and superannuation administration services, funds management, financial planning and funds administration
- Investment Management: It includes individually managed portfolios, unit trusts, a pooled superannuation trust and derivative overlay product. It covers investment in domestic and world asset classes including cash, fixed interest, equities and listed property trusts via sector specific or diversified investment options
Below are mentioning of some key aspects of company and activities:
- Company acquired GIO and AMP's general insurance business in 2001 and this has increased the customer base and diversified the business mix with growth in personal and commercial insurance and workers compensation.
- Company has recently acquired Promina Group which helped in diversification of its general insurance and financial services businesses, operating throughout Australia and New Zealand.
- The Group also has a 50% share in RACQ Insurance Limited and RAA Insurance Limited
- Company is also market leader in Queensland in Compulsory Third Party insurance, a major force in motor insurance and home and contents insurance and number 2 in Agribusiness lending.
Suncrop is listed on the Australia Stock Exchange under the ticker “SUN”. In Queensland it is the biggest listed corporation with market capitalization of more than $18.7 billion as on September’07. It has got its presence in Australia and New Zealand. The company has approximately 223,000 shareholders and has customer base of more than 7 million.
[edit] History
The company has genesis way back in 1902 when Queensland Agriculture Bank was established. Later due to merger of Suncorp (owned by Queensland government) & QIDC in 1996, company was formed by name Suncorp Metway. Through various sell-offs and mergers the company got its name in 2002.
[edit] Strategy
The company has adopted integration approach. The company strategy is to have higher customer experience with services tuned to benefit customers. Increase customer base. This will help to leverage customer insights. It is also focusing on brand management so that all can co-exist and have higher penetration. The company focus is to have strong organic growth through gaining customer insight on needs of financial service solutions. This will help to cross- sell opportunities
[edit] Financial and operational performance
The Company has registered net profit after tax of $ 1,064 million which includes contribution from Promina as well. This is 13.5% increase than previous year.
