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Insurer Name:

 

Suncorp-Metway Ltd

 

Group comprises banking, insurance, financial planning, investments & superannuation

 

Number of Employees:

 

Approximately 18,000 in Australia and New Zealand 

 

Insurance Gross Written Premium Income:

 

A$6.8 billion +

 

Total Assets:

 

A$97.4 billion + across the group

 

Customers:

 

Over 7,000,000 across the group 

 

Other Info:

 

Suncorp is Australia's third largest general insurance group. The general insurance business includes personal insurance products such as home and contents and personal effects cover, motor and boat, compulsory third party insurance, workers compensation and a range of commercial insurance products tailored to the small to medium business market such as property, marine, rural and liability. 

 

Suncorp's insurance operation contributed $172 million before tax for the half year to December 2007. 

 

Suncorp acquired AMP/GIO General Insurance in 2001 and AMP Ltd's 50 percent shareholdings in motor club insurance joint ventures in RACQ (Queensland) and RAA (South Australia). Both of these joint ventures hold substantial market shares in their respective states. These businesses run independently and in competition with Suncorp's existing general insurance business. 

 

Following the merger with Promina, Suncorp now serves more than 6 million general insurance customers throughout Australia and New Zealand and provides personal and specialised insurances through well known brands such as AAMI, Apia, Shannons and Just Car in Australia and Vero in New Zealand. 

 

Group Overview 

 

·         Suncorp-Metway Ltd is one of Australia's top 25 listed companies and is Queensland's largest listed corporation. At 30 June 2008, the Group was owned by over 228,000 shareholders.  

·         The Suncorp Group is Australia's 5th largest bank and at 30 June 2008 the largest general insurance group by gross written premium.  

·         The Group's acquisition of GIO and AMP's general insurance business in 2001 increased the customer base and diversified the business mix with growth in personal and commercial insurance and workers compensation.  

·         Suncorp's acquisition of the Promina Group in 2007 further diversified its general insurance and financial services businesses, operating throughout Australia and New Zealand.  

·         The Group also has a 50% share in RACQ Insurance Limited and RAA Insurance Limited, with the major motor clubs, RACQ (Qld) and RAA (SA).  

·         Suncorp has a strong market share in personal and commercial insurance lines nationally and in New Zealand.  

 

Suncorp provides a range of banking and insurance products directly to customers through an extensive branch and agency network, call centre operations, on line facilities, and through intermediaries and corporate partners. 

 

Suncorp brands include:

  • Suncorp
  • AAMI
  • APIA
  • Vero
  • GIO / AMP
  • Shannons
  • Just Car
  • bingle.com.au

 

Insurance Products:

 

 

NB: The above information has been taken from the subject insurer's website and annual reports and is current as of March 2010. We accept no responsibility for inaccurate information. This information should be used as an indication only.

 
Did you know...                  

There are over 100 insurers authorised to conduct insurance business in Australia. Without a broker, how many could you contact?