Stock Spotlight: Suncorp Group Limited (ASX:SUN)
This week's Stock Spotlight is ASX-listed Suncorp Group Limited.
About Suncorp Group Limited
Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services. The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.
Source: Bloomberg
Key Stats
Key Stats
Source: ASX, Yahoo Finance, Bloomberg. Data as of 17/04/24.
Price Performance
Growth Potential
- Reasonable valuations with solid earnings growth over the next 12 months – SUN currently trades on a 2-yr forward PE-multiple of 16.2x and a fully franked yield of 4.4%.
- Better than expected premium growth to higher pricing outcomes.
- Capital management initiatives given the approval of SUN’s bank sale to ANZ. SUN could deliver around $4.1bn to its shareholders in 1Q 2025. Sale of the NZ Life business means on-market share buybacks are on the cards as well.
- Solid FY25 earnings outlook.
- Better than expected margin outcome in its general insurance (GI) business relative to the previous year.
- Improving return on equity (ROE) profile.
Key Risks
- Greater than expected competition in lines of insurance affecting pricing, unit growth, and risk management.
- Continuing elevated natural catastrophe occurrences such as the NSW bushfires, which will use up reinsurance and impact SUN’s earnings.
- Not achieving key targets for FY21 such as the rollout of the Company’s technology and digital platforms.
- Weaker than expected investment yields.
- Lower net interest margins or higher provisions than expected.
- Increased levels of claims.
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Disclaimer: This article does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.
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