Edition:
United States

Suncorp Group Ltd (SUN.AX)

SUN.AX on Australia Stock Exchange

14.09AUD
22 May 2017
Change (% chg)

$0.00 (+0.00%)
Prev Close
$14.09
Open
--
Day's High
--
Day's Low
--
Volume
3,500
Avg. Vol
3,444,753
52-wk High
$14.72
52-wk Low
$11.27

Latest Key Developments (Source: Significant Developments)

Suncorp Group Ltd launches capital notes offer
Sunday, 26 Mar 2017 05:48pm EDT 

Suncorp Group Ltd : To issue a new perpetual, subordinated, convertible, unsecured security, suncorp capital notes (capital notes), to raise $250 million . Capital notes are expected to be quoted and tradable on Australian Securities Exchange . Issuing capital notes to raise eligible additional tier 1 capital, proceeds of which it expects to use to fund capital needs .Margin will be determined following the Bookbuild and is expected to be in the range of 4.10 pct–4.30 pct.  Full Article

Tower says Suncorp's stake in Tower now reached 19.99 pct
Tuesday, 14 Mar 2017 03:31pm EDT 

Tower Ltd : Understands that Suncorp Group Limited's stake in tower has now reached 19.99% of shares . Originally received a non-binding proposal for 100% of tower shares at $1.30 per share from Suncorp Group on 22 february . Board's advice to shareholders remained unchanged . Will be asking suncorp to advise whether it intends to employ differential pricing in its proposal . "it is unclear whether $1.40 per share will be available for all tower shareholders" .board also continues to closely engage with Fairfax in relation to previously announced scheme and other transaction possibilities.  Full Article

Suncorp Group issues natural hazard update
Sunday, 5 Mar 2017 05:23pm EST 

Suncorp Group Ltd : Suncorp natural hazard update-sun.ax . It is responding to approximately 11,000 claims from hailstorm on 18 February 2017 across its insurance brands . Financial impact of event is expected to be between $150 and $170 million .Suncorp's total natural hazard claims costs for eight months to 28 February 2017 are estimated to be between $610 and $630 million.  Full Article

Suncorp Group says acquires 11.14 pct of ordinary shares in Tower
Tuesday, 21 Feb 2017 05:08pm EST 

Suncorp Group Ltd : Suncorp New Zealand acquires 11.14% of ordinary shares in Tower Limited in New Zealand . Standing in market to acquire up to 19.9% of shares in Tower .Proposed acquisition would help in creating a business with gross written premiums of NZ$1.6 billion.  Full Article

Tower confirms that it received a non-binding indicative proposal from Suncorp Group Ltd
Tuesday, 21 Feb 2017 04:34pm EST 

Tower Ltd : Confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited .Suncorp is seeking to acquire all Tower shares at an indicative cash price of nz$1.30 per share.  Full Article

Tower notes Suncorp unsolicited off-market share offer
Tuesday, 21 Feb 2017 02:30pm EST 

Tower Ltd : Tower notes Suncorp unsolicited off-market share offer . Suncorp Group acting through UBS, have approached shareholders seeking to initially buy up to a 19.99% stake in Tower . Offer at a fixed price of NZ$1.30 per share, with a view to escalating the offer to 100% of all shares . Board also reiterated that Tower insurance policies and the rights of policy holders remain unaffected . All policies and rights will remain with Tower Insurance Limited in event of a change in ownership of Tower Limited .Tower Chairman Michael Stiassny says board's advice to shareholders was to seek advice and not to sell their shares until board had fully reviewed offer.  Full Article

Suncorp Group updates on outlook, expects to deliver improved NIM in H2
Wednesday, 8 Feb 2017 04:41pm EST 

Suncorp Group Ltd : Expected to deliver an improved second half NIM . "Life planned margins are expected to remain stable" . In medium term expects flat cost base in FY17 and FY18 . In medium term expects improving underlying NPAT . In medium term expects sustainable ROE of at least 10%, which implies an underlying ITR of at least 12% . "Continues to target a dividend payout of 60% to 80% of cash earnings" ."Housing loan portfolio is expected to grow in second half".  Full Article

Suncorp Group says HY net profit increases 1.32 percent
Wednesday, 8 Feb 2017 04:40pm EST 

Suncorp Group Ltd - : Hy net profit attributable increase 1.32 percent to $537 million . Hy revenue from ordinary activities $8.64 billion up 10.8 percent .2017 interim ordinary dividend 33 cents per share.  Full Article

Suncorp finalises execution on New Zealand Autosure disposal
Sunday, 22 Jan 2017 07:59pm EST 

Suncorp Group Ltd : Suncorp finalises execution on New Zealand Autosure disposal . While majority of Canterbury earthquakes costs to be absorbed by co's reinsurance program, it expects to incur net cost of NZ$18 million in HY17 . Sale results in a release of capital of approximately a$30 million and a post-tax loss on disposal of a$25 million .For six months to 31 December 2016, natural hazard claims costs in australia and New Zealand are estimated to be $350 million.  Full Article

Suncorp finalises execution on New Zealand Autosure disposal
Sunday, 22 Jan 2017 06:27pm EST 

Suncorp Group Ltd : Suncorp finalises execution on New Zealand Autosure disposal . While majority of Canterbury earthquakes costs to be absorbed by co's reinsurance program, it expects to incur net cost of NZ$18 million in HY17 . Sale results in a release of capital of approximately a$30 million and a post-tax loss on disposal of a$25 million .For six months to 31 December 2016, natural hazard claims costs in australia and New Zealand are estimated to be $350 million.  Full Article

More From Around the Web

Fitch Affirms Ratings on Suncorp Group Limited, AAI Limited

(The following statement was released by the rating agency) SYDNEY/SINGAPORE, May 05 (Fitch) Fitch Ratings has affirmed Suncorp Group Limited's (SGL) Long- and Short-Term Issuer Default Ratings (IDR) at 'A+' and 'F1', respectively. At the same time, Fitch has affirmed SGL's main non-life insurance operating subsidiary AAI Limited's IDR at 'A+', Insurer Financial Strength rating at 'AA-' and subordinated debt at 'A'. The Outlooks are Stable. KEY RATING DRIVERS The affirmations reflect SGL's and A