Suncorp-Metway
Encyclopedia
Suncorp Group Limited is an Australia
n finance, insurance, and banking corporation based in Brisbane
, Queensland
, Australia
. It is one of Australia's largest banks (by combined lending and deposits) and its largest general insurance
group, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.
Suncorp is the parent company of insurance company GIO
. GIO is mainly used as a general insurance company representing Suncorp outside Queensland, offering similar products to the Suncorp branded insurance product in Queensland.
Suncorp also owns the AAMI, Apia, Just Car Insurance, Shannons, InsureMyRide, Vero, Terri Scheer, CIL, 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. These assets were acquired with the Promina Group
in 2007.
Suncorp currently has assets of over A$73 billion, over 8 million customers, and over 17,000 staff. 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. Suncorp is the largest banking and insurance corporation headquartered in Brisbane.
During 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 card/$230 million credit-card portfolio to Citibank. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.
The company is owned by approximately 215,000 shareholders holding more than 924 million shares. Suncorp's Chairman and Non-executive Director
is John Story; its Chief Executive Officer
and Managing Director is Patrick Snowball.
On 19 April 2009, Suncorp announced a re-branding of the banking arm of the company to Suncorp Bank. The reason behind the re-branding 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.
and RAA
in 2001, but chose to divest them in 2010. RACT Insurance in Tasmania
continues to be 100% owned by Suncorp.
. 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.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n finance, insurance, and banking corporation based in Brisbane
Brisbane
Brisbane is the capital and most populous city in the Australian state of Queensland and the third most populous city in Australia. Brisbane's metropolitan area has a population of over 2 million, and the South East Queensland urban conurbation, centred around Brisbane, encompasses a population of...
, Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. It is one of Australia's largest banks (by combined lending and deposits) and its largest general insurance
General insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
group, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
Business interests
Suncorp covers nearly all areas in wealthWealth (disambiguation)
Wealth is the abundance of valuable resources or material possessions.Wealth may also refer to:* WealthTV, a cable television channel in the United States...
and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking.
Suncorp is the parent company of insurance company GIO
GIO General
GIO is an Australian general insurance company founded by the New South Wales State Government in 1927 as the Government Insurance Office of NSW...
. GIO is mainly used as a general insurance company representing Suncorp outside Queensland, offering similar products to the Suncorp branded insurance product in Queensland.
Suncorp also owns the AAMI, Apia, Just Car Insurance, Shannons, InsureMyRide, Vero, Terri Scheer, CIL, 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. These assets were acquired with the Promina Group
Promina Group
The Promina Group was an Australian and New Zealand Insurance company formerly listed on the Australian and New Zealand stock exchanges. It is now fully owned by Suncorp-Metway Limited.-History:...
in 2007.
Suncorp currently has assets of over A$73 billion, over 8 million customers, and over 17,000 staff. 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. Suncorp is the largest banking and insurance corporation headquartered in Brisbane.
During 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 card/$230 million credit-card portfolio to Citibank. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.
The company is owned by approximately 215,000 shareholders holding more than 924 million shares. Suncorp's Chairman and Non-executive Director
Non-executive director
A non-executive director or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way...
is John Story; its Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and Managing Director is Patrick Snowball.
Suncorp Bank
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
, where Suncorp is not known for its banking capabilities, with the focus previously being on its insurance strengths.
Joint ventures
Suncorp acquired insurance joint ventures with motoring clubs RACQRoyal Automobile Club of Queensland
The Royal Automobile Club of Queensland Limited is a motoring club and mutual organisation, providing roadside assistance, insurance, travel, finance and other services to its Queensland members...
and RAA
Royal Automobile Association
The Royal Automobile Association of South Australia, also known simply as RAA, is a South Australian automobile club providing a range of member services including: 24-hour emergency breakdown, vehicle inspection, motoring advocacy, road safety, legal services, technical advice, travel services,...
in 2001, but chose to divest them in 2010. RACT Insurance in Tasmania
Tasmania
Tasmania is an Australian island and state. It is south of the continent, separated by Bass Strait. The state includes the island of Tasmania—the 26th largest island in the world—and the surrounding islands. The state has a population of 507,626 , of whom almost half reside in the greater Hobart...
continues to be 100% owned by Suncorp.
Suncorp Stadium
Suncorp holds the naming rights of Lang Park, currently branded as Suncorp StadiumSuncorp Stadium
Lang Park is the original name of the site located in the Brisbane suburb of Milton, Queensland, Australia, now occupied by the major sports facility known by its sponsorship name, Suncorp Stadium...
. It is a rectangular sporting stadium located in the Brisbane suburb of Milton
Milton, Queensland
Milton is an inner suburb of Brisbane, Australia, located approximately west of Brisbane's central business district. The suburb is a mixture of light industry, warehouses, commercial offices, retail and single and multiple occupancy residences...
, and is the home of the Brisbane Broncos
Brisbane Broncos
The Brisbane Broncos are an Australian professional rugby league football club based in the city of Brisbane, the capital of the state of Queensland. Founded in 1988, the Broncos play in Australasia's elite competition, the National Rugby League premiership. They have won six premierships and two...
, Queensland Reds
Queensland Reds
The Queensland Reds represent Queensland in the sport of rugby union in the Southern Hemisphere Super Rugby competition. Prior to 1996 they were a representative team selected on merit from the rugby union club competitions in Queensland...
and Brisbane Roar FC.