Morningstar

Suncorp Group Ltd SUN

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Company Report

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Suncorp Profitability Improving on Tailwinds From Premium Increases and Higher Investment Income

Nathan Zaia

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.

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Price vs Fair Value

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SUN is trading at a 656% premium.
Price
A$18.09
Fair Value
A$53.20
Uncertainty
Medium
1-Star Price
A$67.18
5-Star Price
A$41.33
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Premium increases stick without an equal rise in claims, and rising rates lift yields on fixed income, together lifting underlying profitability and dividends.

Bears

In personal and commercial insurance, competition is increasing. Popular Australian brands and competitors from overseas are entering the general insurance distribution and underwriting markets. New competitors could pressure premiums and win market share from incumbents, such as Suncorp.

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News

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
23.45
Price/Sales
1.72
Dividend Yield (Trailing)
4.31%
Dividend Yield (Forward)
4.86%
Total Yield
4.31%

Company Profile

Suncorp is a Queensland-based financial services conglomerate offering general insurance, superannuation, and investment products in Australia and New Zealand. It sold its banking business to ANZ Bank in July 2024. The core businesses include personal insurance, commercial insurance, and Vero New Zealand. Suncorp and competitors IAG Insurance and QBE Insurance dominate the Australian and New Zealand insurance markets.
Sector
Financial Services
Industry
Insurance - Property & Casualty
Stock Style Box
Large Core
Total Number of Employees
14,500
Website
https://www.suncorpgroup.com.au

Competitors

Valuation

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Metric
SUN
ALV
IAG
Price/Earnings (Normalized)
 23.4514.8720.06
Price/Book Value
 1.662.092.62
Price/Sales
 1.721.161.15
Price/Cash Flow
 9.835.9210.13
Price/Earnings
SUN
ALV
IAG

Financial Strength

Metric
SUN
ALV
IAG
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 3.61—9.06
Quick Ratio
No chart available

Profitability

Metric
SUN
ALV
IAG
Return on Assets (Normalized)
 1.00%1.04%3.17%
Return on Equity (Normalized)
 8.23%17.92%13.61%
Return on Invested Capital (Normalized)
 1.41%14.60%10.41%
Return on Assets
SUN
ALV
IAG

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