Business Interests
Suncorp covers nearly all areas in wealth and banking, including life insurance, general insurance, commercial insurance, Compulsory Third Party (CTP), banking, finance, agricultural banking and business banking, the notable exception being health insurance.
Suncorp is the parent company of insurance company GIO. GIO is mainly used as a general insurance company representing Suncorp outside Queensland, offering similar products to the Suncorp branded insurance product in Queensland.
Suncorp also owns the AAMI, Apia, Just Car Insurance, Shannons, InsureMyRide, Vero, Terri Scheer, Bingle, CIL, Asteron and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Marine, Vero Liability, AA Insurance, SIS, CMV/AXIOM, Mariner, Comprehensive Travel Insurance and Autosure brands in New Zealand. These assets were acquired with the Promina Group in 2007.
Suncorp currently has assets of over A$95 billion, over 9 million customers, and over 16,000 staff. Suncorp has 232 retail and business banking outlets, predominantly in Queensland, GIO has 34 agencies in NSW and Victoria and an additional 157 retail branches and services centres have been added since the Promina acquisition. Suncorp is the largest banking and insurance corporation headquartered in Brisbane.
During a retail banking review in 2007, Suncorp determined its credit card portfolio was a non-core asset and entered into talks to sell its 100,000 card/$230 million credit-card portfolio to Citibank. Citibank now handles the operational aspects of credit whilst the Suncorp brand remains on the cards and Suncorp continues to provide customer interaction.
The company is owned by approximately 215,000 shareholders holding more than 924 million shares. Suncorp's Chairman and Non-executive Director is Dr. Ziggy Switkowski; its Chief Executive Officer and Managing Director is Patrick Snowball.
Read more about this topic: Suncorp Group
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