Suncorp Group (AU:SUN)
ASX:SUN
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Suncorp Group
(Sydney:SUN)
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Rating:73Outperform
Price Target:
AU$21.00
▲(25.82% Upside)
Action:Reiterated
Date:03/26/26
The score is driven primarily by strong underlying financial performance (profitability, revenue growth, and solid cash flow) and constructive earnings-call signals on margins, capital strength, and shareholder returns, partly offset by elevated catastrophe losses and claims-inflation risks. Technicals are mixed with improving near-term momentum but weaker long-term trend and stretched indicators, while valuation is moderate with a supportive dividend yield.
Positive Factors
Underlying profitability (ITR)
An underlying ITR of 11.7% and a 6% increase in the underlying insurance result indicate durable underwriting discipline and effective pricing. Sustained ITR in the top half of guidance supports predictable margin generation and resilience to normalised loss cycles over the medium term.
Negative Factors
Catastrophe exposure
A$1.319bn of natural hazard losses (A$453m above allowance) highlights material catastrophe volatility. Recurrent large events can rapidly erode capital, force higher reinsurance spend or retention, and increase reserve uncertainty—structural risks that pressure underwriting returns and capital planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Underlying profitability (ITR)
An underlying ITR of 11.7% and a 6% increase in the underlying insurance result indicate durable underwriting discipline and effective pricing. Sustained ITR in the top half of guidance supports predictable margin generation and resilience to normalised loss cycles over the medium term.
Read all positive factors
Suncorp Group (SUN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$19.74B
Dividend Yield26.88%
Average Volume (3M)3.24M
Price to Earnings (P/E)20.4
Beta (1Y)0.32
Revenue Growth6.10%
EPS Growth-29.98%
CountryAU
Employees10,500
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)0.91
Shares Outstanding1,060,051,400
10 Day Avg. Volume3,292,676
30 Day Avg. Volume3,239,144
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)2.21
Price to Sales (P/S)1.39
P/FCF Ratio9.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$19.22Price Target Upside15.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.87
Revenue Forecast (FY)AU$14.32B
Suncorp Group Business Overview & Revenue Model
Company Description
Suncorp Group Limited, an entity established in 1902 and headquartered in Brisbane, Australia, offers a comprehensive range of insurance and banking solutions to individual consumers, businesses, and institutional clients across both Australia and...
How the Company Makes Money
Suncorp makes money mainly from its general insurance operations. Its core revenue stream is insurance premium income collected from policyholders across personal lines (such as motor and home insurance) and commercial lines (such as business insu...
Suncorp Group Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call balanced strong underlying operating performance and capital strength against a materially adverse weather‑driven earnings hit. Underlying ITR, consumer unit and premium growth, expense‑ratio improvement, a ~5% investment exit yield, solid capital buffer and an active buyback/dividend program are positive. These positives are tempered by a large natural‑hazard cost ($1.319bn, $453m above allowance), a decline in reported NPAT/cash earnings, softer commercial markets (notably in New Zealand) and ongoing claim‑inflation pressures in Home and Motor. Management emphasizes optionality on reinsurance, ongoing pricing remediation and technology/AI investments to drive medium‑term improvement.Positive Updates
Underlying Profitability and Margin
Underlying insurance result up 6% with an underlying insurance trading ratio (ITR) of 11.7% (top half of the 10%–12% guidance range). Consumer ITR improved from 9.4% to 9.9%.
Negative Updates
Severe Natural Hazard Losses Exceed Allowance
Natural hazard experience of $1.319bn for the half, which was $453m above the allowance. Nine declared events dominated by hail (≈75% of event‑related claims; hail losses >$700m) and >71,000 claims — described as one of the most severe halves this century with the highest retention ever in a half.
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Q2-2026 Updates
Positive
Negative
Underlying Profitability and Margin
Underlying insurance result up 6% with an underlying insurance trading ratio (ITR) of 11.7% (top half of the 10%–12% guidance range). Consumer ITR improved from 9.4% to 9.9%.
Read all positive updates
Company Guidance
Management guided FY26 GWP growth around the bottom of mid‑single digits (mid‑single = 4–6%, i.e. ~4%), with acceleration expected in H2; underlying ITR is expected to remain in the top half of the 10–12% range (H1 ITR 11.7%), and H2 margin similarly in the top half; operating expense ratio is expected to be ~50 basis points below FY25 (H1 expense ratio improved by 40bps), while the group targets a payout around the midpoint of its 60–80% cash‑earnings range (interim fully‑franked dividend $0.17 ps, 68% payout); capital remains strong (≈A$700m CET1 above midpoint) and buybacks will resume targeting ~A$400m for FY26 (A$168m completed H1); investment exit yield is ~5%, reinsurance optionality will be explored as markets soften, maximum retention for the next large event is A$260m, and management noted H1 results of NPAT A$263m / cash earnings A$270m and natural hazard experience of A$1.319bn (A$453m above allowance; 9 declared events, ~71,000 claims).Suncorp Group Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.69B | 16.85B | 13.33B | 16.04B | 13.67B | 12.82B |
| Gross Profit | 4.33B | 3.55B | 13.33B | 16.04B | 13.67B | 12.82B |
| EBITDA | 1.58B | 2.93B | 1.64B | 1.20B | 1.45B | 2.24B |
| Net Income | 986.00M | 1.82B | 1.20B | 1.15B | 681.00M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 29.52B | 30.36B | 111.71B | 115.05B | 106.43B | 97.04B |
| Cash, Cash Equivalents and Short-Term Investments | 993.00M | 22.28B | 18.03B | 5.56B | 3.79B | 2.62B |
| Total Debt | 3.08B | 2.53B | 2.52B | 26.54B | 23.53B | 21.12B |
| Total Liabilities | 19.41B | 19.74B | 97.83B | 101.70B | 93.65B | 83.59B |
| Stockholders Equity | 10.06B | 10.58B | 13.84B | 13.31B | 12.75B | 13.42B |
Cash Flow | ||||||
| Free Cash Flow | 3.83B | 2.55B | 2.43B | 742.00M | 2.48B | 4.34B |
| Operating Cash Flow | 3.83B | 2.55B | 2.43B | 742.00M | 2.48B | 4.34B |
| Investing Cash Flow | 1.52B | 1.63B | -4.65B | -1.12B | -2.24B | -1.40B |
| Financing Cash Flow | -5.26B | -5.91B | -333.00M | 2.21B | 903.00M | -1.67B |
Suncorp Group Technical Analysis
Positive
16.69
Price Trends
17.28
Positive
16.46
Positive
17.59
Positive
Market Momentum
0.41
Negative
67.06
Neutral
86.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SUN, the sentiment is Positive. The current price of 16.69 is below the 20-day moving average (MA) of 17.86, below the 50-day MA of 17.28, and below the 200-day MA of 17.59, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 67.06 is Neutral, neither overbought nor oversold. The STOCH value of 86.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:SUN.
Suncorp Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | AU$35.95B | 11.58 | 19.29% | 4.68% | 8.05% | 25.40% | |
73 Outperform | AU$19.74B | 20.39 | 9.55% | 26.88% | 6.10% | -29.98% | |
72 Outperform | AU$18.66B | 17.32 | 14.85% | 3.91% | 8.36% | -13.93% | |
69 Neutral | AU$13.36B | 28.91 | 19.79% | 3.73% | 5.81% | -5.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | AU$5.71B | 15.99 | 15.06% | 3.70% | 11.53% | 51.82% | |
60 Neutral | AU$3.72B | 17.42 | 11.69% | 2.95% | 11.02% | 62.95% |
* Financial Sector Average
AU:SUN
Suncorp Group
18.62
-2.10
-10.13%
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-8.45%
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0.11
2.36%
AU:QBE
QBE Insurance Group Limited
24.06
1.76
7.91%
AU:SDF
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5.15
-0.60
-10.40%
Suncorp Group Corporate Events
Suncorp Redeems 118,000 Subordinated Notes, Trims Convertible Debt
Jun 17, 2026
Suncorp Group Limited has confirmed the cessation of 118,000 SUNAA subordinated notes following their repayment or redemption on 15 June 2026, without conversion into equity. The move slightly reduces the group’s outstanding convertible debt...
Suncorp Sets Fully Franked Quarterly Distribution on SUNPJ Capital Notes
Jun 17, 2026
Suncorp Group has declared a fully franked quarterly distribution of AUD 1.2825 per security on its SUNPJ capital notes, a perpetual, non-cumulative, floating-rate hybrid referenced to the three‑month bank bill swap rate plus a 2.8% margin. ...
Suncorp Sets Fully Franked Quarterly Distribution on SUNPI Capital Notes
Jun 17, 2026
Suncorp Group has declared a fully franked quarterly distribution of AUD 1.3001 per security on its SUNPI capital notes, to be paid on 17 September 2026 to holders on the 3 September record date. The distribution, based on a 5.1580% per annum rate...
Suncorp Redeems 3.89 Million SUNPH Capital Notes, Adjusts Issued Capital
Jun 17, 2026
Suncorp Group Limited has notified the market of the cessation of a tranche of its capital notes, identified as SUNPH, following the redemption of 3,890,000 units on 17 June 2026. The redemption of these perpetual, non-cumulative, floating-rate ca...
Suncorp Completes $389m Capital Notes 3 Redemption and Final Payout
Jun 17, 2026
Suncorp Group Limited has redeemed all 3,890,000 Suncorp Capital Notes 3, with a face value of $389 million, which were originally issued in December 2019 and traded under the ASX code SUNPH. Holders on the 2 June 2026 record date receive $100 per...
Suncorp to Redeem and Delist Suncorp Capital Notes 3
May 28, 2026
Suncorp Group’s hybrid security Suncorp Capital Notes 3, issued in December 2019 under code SUNPH, has been suspended from quotation on the ASX ahead of its planned redemption and removal. ASX Compliance confirmed the securities will be remo...
Suncorp Cancels 22.9 Million Shares After On‑Market Buyback
May 25, 2026
Suncorp Group has cancelled 22,916,149 fully paid ordinary shares following completion of an on‑market share buyback. The reduction in issued capital may enhance earnings per share and return on equity, and signals ongoing capital management...
Suncorp to Redeem A$389m Capital Notes 3 in June 2026
May 24, 2026
Suncorp Group will redeem all 3,890,000 Suncorp Capital Notes 3, with a total face value of A$389 million, on 17 June 2026, the optional exchange date approved by APRA. Holders on the 2 June 2026 record date will receive the A$100 face value plus ...
Suncorp finalises unquoted equity issue tied to prior transaction
May 13, 2026
Suncorp Group has notified the ASX of the issue of new unquoted securities that were created as part of a previously announced transaction. The securities, which are not intended to be quoted on the exchange, were issued on 6 May 2026 in line with...
Suncorp Raises $200m in Oversubscribed Tier 2 Note Issue
May 13, 2026
Suncorp Group has priced a $200 million issue of direct, unsecured Tier 2 subordinated notes for institutional and other wholesale investors, with the margin set at 150 basis points over the three-month bank bill swap rate. The 11-year notes, due ...
Suncorp taps wholesale market with new Tier 2 subordinated notes
May 12, 2026
Suncorp Group has launched an offer of Australian dollar-denominated wholesale Tier 2 subordinated notes, targeting institutional and other wholesale investors with a minimum subscription of $500,000 per investor. The notes, which are direct, unse...
Suncorp Reports Daily Progress on Ongoing On-Market Share Buy-Back
May 10, 2026
Suncorp Group Limited has provided an updated daily notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares under the code SUN. The latest filing shows the group has repurchased a cumulative 20,070,036 shares ...
Suncorp Issues Daily Update on Ongoing On‑Market Share Buy‑Back
May 6, 2026
Suncorp Group has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The company reported that a total of 19,243,253 shares had been repurchased before the previous...
Suncorp Raises AU$200m in Wholesale Additional Tier 1 Capital Notes
May 6, 2026
Suncorp Group has completed the issuance of AU$200 million in floating-rate, unsecured, subordinated perpetual notes to institutional and other wholesale investors, priced at a margin of 235 basis points over the three‑month bank bill swap r...
Suncorp Reports Ongoing Progress in On‑Market Share Buy‑Back
May 5, 2026
Suncorp Group Limited has provided an update on its on-market share buy-back program for its ordinary fully paid shares listed on the ASX. The latest daily notification shows that the group has repurchased a cumulative 19,025,311 shares before the...
Suncorp Continues On-Market Buy-Back with Daily ASX Update
May 3, 2026
Suncorp Group Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 18,757,751 shares had been repurchased before the previous trading da...
Suncorp Updates Market on Progress of On-Market Share Buy-Back
Apr 30, 2026
Suncorp Group has issued an updated notification to the ASX regarding its ongoing on-market share buy-back of fully paid ordinary shares. The update, dated 1 May 2026, confirms that the company repurchased 558,596 shares on the previous trading da...
Suncorp Updates Market on Progress of On‑Market Share Buy‑Back
Apr 29, 2026
Suncorp Group Limited has issued an updated notification on its on-market share buy-back program for its ordinary fully paid shares. The latest filing, dated 30 April 2026, reports that a cumulative 17,696,242 shares had been repurchased before th...
Suncorp completes bookbuild and prices notes for proposed securities issue
Apr 29, 2026
Suncorp Group Limited, a major Australian banking and insurance provider, continues to manage its listed capital structure through incremental adjustments disclosed to the ASX. The group’s broad retail and commercial customer base relies on ...
Suncorp Raises $200m in Oversubscribed Wholesale Additional Tier 1 Note Issue
Apr 29, 2026
Suncorp Group has priced a $200 million issue of perpetual, non-cumulative, convertible, unsecured subordinated Wholesale Capital Notes aimed at institutional and other wholesale investors, with a margin set at 235 basis points over the three-mont...
Suncorp lodges new Appendix 3B for proposed ASX-quoted securities issue
Apr 29, 2026
Suncorp Group Limited has notified the Australian Securities Exchange of a proposed issue of securities under Appendix 3B, indicating its intention for the new securities to be quoted on ASX subject to the exchange’s rules. The filing confir...
Suncorp launches inaugural wholesale Additional Tier 1 capital notes offer
Apr 29, 2026
Suncorp Group has launched its inaugural wholesale Additional Tier 1 capital notes offer, issuing Australian dollar-denominated perpetual, non-cumulative, convertible subordinated debt to institutional and other wholesale investors under a new Who...
Suncorp Updates Market on Progress of On-Market Share Buy-Back
Apr 28, 2026
Suncorp Group has provided an update on its on-market share buy-back program for its fully paid ordinary shares. The company reported that a cumulative 17,430,968 shares had been repurchased before the previous trading day, with a further 265,274 ...
Suncorp Updates Market on Progress of Ongoing Share Buy-Back
Apr 26, 2026
Suncorp Group has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The latest filing, dated 27 April 2026, confirms that the program, first notified in August 2025, remains a...
Suncorp launches wholesale capital notes programme to bolster funding flexibility
Apr 24, 2026
Suncorp Group has launched a Wholesale Note Issuance Programme to issue Additional Tier 1 Capital Notes and Tier 2 Subordinated Notes to wholesale investors. The framework is designed to give the group flexibility to raise regulatory capital and f...
Suncorp locks in five-year $2.4bn reinsurance shield as FY26 margins hold near top of range
Apr 23, 2026
Suncorp has entered a five-year aggregate reinsurance arrangement starting 30 June 2026, securing $800 million of annual protection, or up to $2.4 billion over the term, with an FY27 attachment point of $1.85 billion that is tied to exposure growt...
Suncorp Continues On-Market Share Buyback With Daily ASX Update
Apr 12, 2026
Suncorp Group has issued an updated notification to the ASX confirming the ongoing execution of its on-market share buyback program in its ordinary fully paid shares. The latest filing, dated 13 April 2026, reports a cumulative 16,526,784 shares r...
Suncorp Provides Daily Update on Ongoing On-Market Share Buy-Back
Apr 9, 2026
Suncorp Group Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares, traded under the SUN code. The update notes that, as of 10 April 2026, a cumulative 16,362,70...
Suncorp cancels 6,967 lapsed share rights after conditions unmet
Apr 9, 2026
Suncorp Group has notified the market of the cessation of 6,967 share rights under the ASX code SUNAB, following the lapse of conditional rights that could not be satisfied by 31 March 2026. The move reflects routine capital management and executi...
Suncorp Issues 14,336 New Ordinary Shares from Convertible Securities
Apr 9, 2026
Suncorp Group Limited has notified the market of the issue and transfer of 14,336 ordinary fully paid shares, arising from the conversion of previously unquoted options or other convertible securities. The new SUN shares, issued on 31 March 2026, ...
Suncorp Updates Market on Progress of On‑Market Share Buy‑Back
Apr 8, 2026
Suncorp Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a cumulative 16,120,779 shares had been repurchased before the previous t...
Suncorp Director Sylvia Falzon Increases Stake via Dividend Reinvestment Plan
Apr 8, 2026
Suncorp Group has disclosed a change in director Sylvia Falzon’s indirect holdings in the company following participation in its Dividend Reinvestment Plan. Falzon acquired 559 additional ordinary shares at $14.32 each through AustralianSupe...
Suncorp adds Asia-focused digital transformation expert Yen Saw to its board
Mar 31, 2026
Suncorp Group has appointed Ms Yen Saw as a non-executive director, with her role to commence following completion of regulatory processes expected by the end of June 2026. Based in Singapore, she brings more than three decades of leadership in in...
Suncorp Updates Market on Progress of Ongoing Share Buyback
Mar 24, 2026
Suncorp Group Limited has provided an updated notification to the ASX regarding its on-market share buyback program for ordinary fully paid shares under the ticker SUN. The company reported that, as of 25 March 2026, it had repurchased a cumulativ...
Suncorp Updates Market on Progress of On‑Market Share Buy-Back
Mar 23, 2026
Suncorp Group Limited has updated the market on its ongoing on‑market share buy-back program for its ordinary fully paid shares listed under the ASX code SUN. The company reported that a total of 15,541,582 shares had been repurchased prior ...
Suncorp Reports Zero Controlled-Entity Exposure to Its Own Shares
Mar 23, 2026
Suncorp Group has disclosed that, as at 19 March 2026, its controlled entities hold no ordinary shares in the company and have no power to control voting or disposal of any issued capital. The group also reported that neither it nor its controlled...
Suncorp Updates Market on Progress of On‑Market Share Buy‑Back
Mar 22, 2026
Suncorp Group Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The company reported that it repurchased 1,559,018 shares on the previous trading day, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.