Company Reports

Suncorp's fiscal 2026 cash profit fell 28% to AUD 1 billion, with the swing largely due to higher natural hazard expenses and mark-to-market losses on its investment portfolio. Underlying insurance profit which smooths earnings for these variables, increased 4.5%, benefiting from premium growth.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Suncorp lowered its fiscal 2026 gross written premium, or GWP, growth guidance again, to around 2.7% from roughly 3% in April and 4% in February. The company pointed to softer conditions in New Zealand, especially commercial insurance, and slightly weaker demand in Australia. Shares fell 4%.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

According to APRA, total gross written premiums for Australia’s general insurance industry rose around 6% year on year in the March 2026 quarter. The two largest personal insurance classes within this, domestic motor and home, are up at a similar rate.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Suncorp's first-half fiscal 2026 cash profit of AUD 263 million is less than 25% of last year's strong result. The swing is due to volatile natural hazard expenses being AUD 453 million above allowances, on a comparable period, well below allowances. The interim dividend is cut 59% to AUD 0.17.

On the back of storms and large hail hitting south-east Queensland and parts of northern New South Wales on Nov. 25, Suncorp estimates the event will cost it around AUD 350 million. It takes the estimated range of natural hazard costs so far in fiscal 2026 to AUD 1.15 billion-AUD 1.28 billion.

Suncorp's fiscal 2025 cash profit increased 8.3% to AUD 1.5 billion, aided by premium rate increases, lower reinsurance costs, and higher investment income. Fiscal 2026 guidance is for mid-single-digit gross written premium growth, and for broadly flat underlying insurance margins.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Separate updates provide insight into trading conditions for Australian insurers. Insurance Australia Group's fiscal 2025 natural peril costs are lower than allowances, lifting the midpoint of profit guidance by 13%, while Suncorp's fiscal 2026 reinsurance costs will be lower than fiscal 2025.

Due to a processing error, our pricing data for Suncorp was incorrect from Feb. 17 to Feb. 25, 2025. Our pricing process failed to pick up that the shares were trading on an ex-entitlement basis for the AUD 3.00 per share capital return.

Suncorp shares now trade on a deferred settlement basis post a share consolidation of 0.8511. In other words, every 100 shares become 85.11 shares, which will be rounded to the next whole number. They also trade ex an AUD 3 per share capital return, and AUD 0.63 per share in dividends.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Suncorp's first-half 2025 cash profit increased 30% to AUD 860 million, driven by strong premium rate increases and lower natural hazard costs. Fiscal 2025 guidance is for mid- to high-single-digit gross written premium growth.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.

With the Suncorp bank sale complete and shareholders voting in favor of a capital return, Suncorp management is now solely focused on the general insurance business. Cost savings and pricing strategies took center stage at the recent investor update.

Suncorp is a well-capitalized financial services business with a dominant market position in the Australian and New Zealand general insurance industry. In addition to offering insurance under the parent name, key brands in Australia include AAMI, GIO, Bingle, Apia, Shannons, and Terri Scheer. In New Zealand, key brands include Vero, AA Insurance, and Asteron Life. The insurer carries concentrated weather and earthquake risk in Australia and New Zealand and in particular Queensland, which makes up around 25% of gross written premiums in Australia.