Analysis of Suncorp Group and Goodman Group
Fund Manager Chris Pedersen discusses global markets, Suncorp Group and Goodman Group.
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With a heritage dating back to 1902, we have grown to become a top-20 ASX-listed company with over 13,000 people and $96 billion in assets. We offer banking, wealth management and insurance products and services through our well-recognised brands including Suncorp, AAMI, GIO, Apia, Shannons and Vero, as well as those from our partners.
Through these products and services we:
protect what matters to our customers
help our customers recover from injury
support our customers’ everyday financial needs, and
enable customers and businesses to reach their financial goals
An essential service like ours is an integral part of the community. Suncorp firmly believe we must contribute to a more resilient Australia. Suncorp continue to evolve Suncorp to ensure it remains relevant and competitive and we have defined four strategic foundations which guide the choices we make today and shape our focus for tomorrow.
Fund Manager Chris Pedersen discusses global markets, Suncorp Group and Goodman Group.
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Australian insurer Suncorp (ASX:SUN) has forecast a slowdown in premium income growth for the current financial year, a development that may disappoint some investors. However, to offset this, shareholders can anticipate a substantial payout in the March quarter of next year from the $4.9 billion proceeds of the company’s bank sale to ANZ.
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Like its rivals QBE and IAG, Suncorp, the owner of a slew of insurance brands led by AAMI, saw its December half-year results bolstered by a sharp rise in premiums and strong investment earnings.
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ANZ (ASX:ANZ) has been allowed to purchase Suncorp’s predominantly Queensland-based bank for $4.9 billion after the Australian Competition Tribunal overturned the ACCC’s block on the deal due to competition concerns.
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ANZ’s $4.9 billion offer for Suncorp’s banking arm looks to be in trouble after comments from the ACCC that it worries about future competition and can’t see many benefits from the deal.
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Higher premiums, a timely release of $150 million in reserves and improved returns from investments saw Suncorp's net profit jump 44% to $560 million for the six months to December.
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Just when the Australian insurance sector was looking at having escaped any major catastrophe over the holiday break, along comes Friday's flooding event in Auckland.
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ANZ has kicked off its Suncorp acquisition marketing campaign with an obviously well-briefed pro-deal commentary in some sections of the business media.
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From a mixed Thursday ASX trading session, insurance major Suncorp and shopping centre manager Scentre Group each brought an update to the market.
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Suncorp has slashed its payout to shareholders after reporting a sharp fall in earnings for FY2021-22, with investors returning serve by sending the company’s shares down 4.6% on Monday.
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ANZ Bank has confirmed that it proposes to buy Suncorp’s banking business for $4.9 billion and will ask its shareholders to cough up $3.5 billion via a one for 15 fully underwritten renounceable issue.
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