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Suncorp-Metway Limited
Type Public (ASX:SUN)
Founded 1996
Headquarters Australia Brisbane, Australia
Area served Australia and New Zealand
Key people John Story
Chairman
Patrick Snowball
CEO
Industry Banking
General Insurance
Wealth Management
Revenue $14.1 billion AUD (2009)
Operating income $799 million AUD (2009)
Profit $348 million AUD (2009)
Employees 18,000+
Subsidiaries GIO General Ltd
L.J. Hooker
RACT Insurance
RACQ Insurance*
RAA Insurance*
* Joint ventures
Website www.suncorp.com.au

Suncorp-Metway Limited (ASXSUN) is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's largest banks (by combined lending & deposits) and its largest general insurance group,[1] formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).

Contents

Business interests

Suncorp has shares in RACQ Insurance in Queensland, the RAA in South Australia, and the RACT Insurance in Tasmania (100%).

They also are the parent of insurance company GIO General Ltd. GIO is mainly used as a general insurance company representing Suncorp interstate, as their branches are few and far between in New South Wales, Victoria, Tasmania and Western Australia.

In 2002, Suncorp-Metway covered nearly all areas in wealth and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.

As the parent company of the Promina Group Suncorp-Metway also owns the AAMI, Apia, Just Car Insurance, Shannons, InsureMyRide, Vero, Asteron and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Marine, Vero Liability, AA Insurance, SIS, CMV/AXIOM, Mariner, Comprehensive Travel Insurance and Autosure brands in New Zealand.

Suncorp currently has assets of over AU$73 billion,[2] over 8 million customers,[2] and over 17,000 staff.[3] Suncorp has 232 retail and business banking outlets, predominantly in Queensland, GIO has 34 agencies in NSW and Victoria and an additional 157 retail branches and services centres have been added since the Promina acquisition.[2] Suncorp is the largest[1] banking and insurance corporation headquartered in Brisbane.

In 2008 Suncorp transferred its $230 million credit card portfolio to Citibank. After a retail banking review in 2007 Suncorp determined its credit card portfolio was a non-core asset and entered into talks to sell its 100,000 cards to Citibank[4]. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.[1]

The company is owned by approximately 215,000 shareholders holding more than 924 million shares.[2] Suncorp's Chairman and Non-executive Director is John Story; its Chief Executive Officer and Managing Director is Patrick Snowball. Its CFO, Chris Skilton, was voted Insto Magazine's CFO of the Year in early 2008.

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Suncorp Bank

Suncorp Bank brand

On 19 April 2009, Suncorp announced a re-branding of its banking arm of the company to Suncorp Bank. The reason behind the rebranding is to give the company a view that Suncorp is a bank with an insurance arm, not an insurance company with a banking division. This is also being done to try and aid the bank's expansion into Western Australia, where Suncorp is not known for its banking capabilities, with the focus previously being on its insurance strengths.

Suncorp Stadium

Suncorp holds the naming rights of Lang Park, now called Suncorp Stadium. It is a rectangular sporting stadium located in the Brisbane suburb of Milton, and is the home of the Brisbane Broncos, Queensland Reds and Brisbane Roar FC.

References

External links


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