Morningstar | Suncorp Starts the Capital Management Initiatives Following the Life Company Sale
Suncorp Group CEO Michael Cameron continues to restructure the business, establishing a stronger customer focus, improving operational efficiency, and ultimately we expect increasing earnings growth. Despite progress in modernising systems and centralising the portfolio of national insurance brands, further improvement remains to be realised. Near-term risks include an operational stumble, pressure on top-line growth from competition, increased frequency of catastrophe events, and a rise in bad debts. Capital returns from the life insurance sale have started with a special dividend. The balance sheet remains strong. The big shortcoming for a bancassurer is the uncertainty in the true value of assets (common with banks) and the true value of liabilities (common with insurers). Suncorp is well capitalised and profitable, and we are increasingly confident management can deliver on ambitious medium term guidance.Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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