Suncorp

Suncorp Profit Results FY2012


The Australian banking and insurance company, Suncorp Group (ASX:SUN) have released its full year profit results FY2012.

  • Net profit jumped 60 percent to $724 million from $453 million.
  • The previous financial year for Suncorp was marked by large costs from a number of natural disasters.

Reinsurers Want Higher Premiums from Suncorp


Reinsurance groups are insisting that major insurer Suncorp (ASX:SUN) increase its premiums.

Suncorp is resisting the price hikes due to recent extreme weather conditions negatively affecting company performance, resulting in stalled talks with the reinsurers. The company said that short term profits will take a significant hit from bourgeoning reinsurance costs.

Suncorp Shares Step up as Earthquake Costs Surface


Suncorp (ASX:SUN) said that the cost of reinsurance due to the Christchurch earthquake is around $92.1 million. In February its reinsurance program limited its exposure In New Zealand by $NZ60 million. However its was too early to estimate the financial impact of the earthquake during that time. The disaster struck Christchurch with a 6.3 magnitude last February 22, taking more than 180 lives. The total cost of rebuilding has been estimated to be at $NZ16 billion.

Suncorp Shareholders Appeal for More Dividends


Financial Services Group, Suncorp (ASX:SUN) held their Annual General Meeting (AGM) on Thursday, with shareholders appealing for more dividends during question time. The questioning came about due to a concern in the risk of flood cover claims and pay package complaints from the union. Profit has been up for Suncorp Metway from $348 million in 2008-09 to $780 million this last financial year. Suncorp's dividend payout target has been reduced to 50-60 percent of cash profits.

Suncorp-Metway Dividends

9 August, 2010 - 22:48

Study the historical dividends for SUNCORP-METWAY LIMITED.. Dividends are a portion of company profits paid out to shareholders. You are eligible to receive SUN dividends if you own the company's stock on the ex-dividend date. Investor's must have purchased the stock before the ex dividend date to be entitled to the dividend. The previous owner of the shares will receive the SUN dividend if you buy the stocks on or after the ex dividend date. The Pay Date or the Date Payable is the day when the dividend is paid to shareholders.

Suncorp (SUN) and Promina (PMN) Shares Recommendation


Suncorp (SUN) and Promina (PMN) both have a retained Hold/Medium Risk shares recommendation and 12 month share price targets of $21 and $7.40 respectively from stock analyst Citigroup Investment Research (CIR). Independent Expert Grant Samuel on Suncorp's offer for Promina have commented that the offer is fair and reasonable. It values the consideration at A$7.10 to A$7.20 compared with its fair value of Promina inclusive of a control premium of A$6.46 to A$7.33 per share. Costs Down by A$40m — Suncorp has lowered its estimate of pre-tax integration costs from A$395m to A$355m, with a reduced estimate for IT spend. Suncorp has also confirmed a capital raising of more than A$1bn to part fund the cash component of the offer to Promina shareholders. The precise amount is expected to be around A$1.15bn. More detail on the likely sources for A$225m of pre-tax synergies has been provided though there is still no quantum assigned to each area. This appears to be because Suncorp has, to date, performed no more than a high level due diligence review of Promina. Proforma financials show a FY06 profit of A$1.4bn for the merged group and A$11bn of net assets.

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