Suncorp used to be a bank and an insurer. Now, after selling its bank to ANZ, it is a pure insurer, behind brands such as AAMI and GIO. Here’s how it makes its money.
Suncorp Group is one of Australia’s largest general insurers, and one of the biggest financial companies on the ASX.
It is based in Brisbane, and grew out of the Queensland government’s insurance office and the Suncorp building society. It reports in Australian dollars, and its financial year ends on 30 June.
From bank to insurer
For decades, Suncorp ran both a bank and an insurance business. In 2025, it sold Suncorp Bank to ANZ for about $4.9 billion, after the deal was approved by the competition tribunal and the federal government. It returned most of the money to shareholders, and now focuses only on insurance.
Its brands
Suncorp sells insurance to households under brands including AAMI, GIO, Suncorp Insurance, Apia, which focuses on older Australians, Bingle and Shannons, which insures classic cars. It sells business insurance through Vero, mostly via brokers.
In New Zealand, it owns Vero and has a share of AA Insurance.
How it makes money
Suncorp makes money when the premiums it collects are more than the claims and costs it pays, and by investing the money it holds before claims are paid.
Natural disasters
Queensland and northern New South Wales face storms, floods and cyclones, which makes natural disasters Suncorp’s biggest risk. It sets an annual allowance for disaster costs, and buys reinsurance to limit its exposure to very large events. When disasters cost more than the allowance, its profits suffer.
Rising disaster costs have pushed up home insurance premiums, especially in high-risk areas of northern Australia.
The risks
The risks include costly natural disasters, rising repair and claims costs, competition, government intervention on premiums, and changes in reinsurance prices.
Steve Johnston has been chief executive since 2019.
Latest results, as at 9 November 2026
Full year to June 2026, reported 12 August 2026: gross written premiums rose 2.7 per cent to $15.4 billion, but net profit fell 44 per cent to $1.03 billion. Natural disasters cost $2.02 billion, $254 million more than Suncorp had allowed for, and the previous year’s profit had included gains from the bank sale. It paid a final dividend of 52 cents a share plus a 10 cent special dividend, fully franked, and announced a share buyback of up to $250 million.
Next update: Suncorp reports its half-year results, to December 2026, in February 2027.
