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Suncorp-Metway
From Wikipedia, the free encyclopedia
| Suncorp-Metway Limited | |
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| Type | Public (ASX:SUN) |
| Founded | 1996 merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation |
| Headquarters |  Brisbane, Australia |
| Key people | John Mulcahy, CEO and Managing Director, and John Story, Chairman and Non-executive Director |
| Industry | Banking, general insurance and wealth management |
| Revenue |  $7.545 billion AUD (2007) |
| Operating income | $1.543 billion AUD (2007) |
| Profit | $1.064 billion AUD (2007) |
| Employees | 17,000+ |
| Subsidiaries | GIO General Ltd, L.J. Hooker, RACT Insurance, RACQ Insurance*, RAA Insurance* * Joint ventures |
| Slogan | Everything under the sun |
| Website | www.suncorp.com.au |
Suncorp-Metway Limited (ASX: SUN) is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is Australia's sixth-largest bank and third-largest general insurance group,[1] formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
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On 1 December 1996, the Queensland Government owned Suncorp and QIDC entities were merged into the publicly listed company Metway Bank believing there needed to be greater focus in long term banking and competitiveness in Queensland and Australia.[2] and to create the new allfinanz group Suncorp Metway.
Metway Bank was Queensland's largest locally based bank with operations in New South Wales and Victoria. At the time of the merger, Metway Bank had approximately $7.1 billion in assets. It was established as the Metropolitan Permanent Building Society in 1959 and converted to bank status and listed on the Australian Stock Exchange in 1988. In 1990, Metway Bank acquired Prudential Finance Limited and, in 1992, the Household Building Society.
At the time of the merger, Suncorp was 100% Queensland Government owned and was operating as an allfinanz group with approximately $10 billion in assets. Suncorp commenced business in 1916 as the State Accident Insurance Office. Not long after it changed its name to State Government Insurance Office (SGIO) and extended its operations into life insurance, general insurance and Compulsory Third Party. Over the years, superannuation, building society and finance operations were added.
QIDC commenced operations in 1986, but evolved from the Queensland Agricultural Bank established in 1902. Initially operating primarily as a rural financier, QIDC expanded its activities to include commercial lending to small and medium sized businesses. At the time of the merger, QIDC had total assets of $3 billion and was wholly owned by the Queensland Government.
The merger of the three companies was proposed by the Queensland State Government to create a more competitive financial institution better geared to meet the needs of the future. The merger also created Australia's fifth largest listed financial services group with the associated economic benefits of a major Australian corporate headquarters located in Queensland.
The state government was initially the largest shareholder of the new group with a 68 percent holding consisting of shares and capital notes in return for the sale of Suncorp and QIDC to Metway Bank; the other 32% was held by existing Metway shareholders. At the time, the state government indicated its intention to sell down its holding in stages within five years to no more than 15%.
The merger and amalgamation of the three companies was completed in 1999.
On 1 July 2001, Suncorp Metway acquired AMP's Australian general insurance interests (GIO General Ltd), which increased the group's annual premium income to $2 billion, making it the second largest general insurer in Australia. The number of general insurance customers doubled and the business mix became more diversified, with growth in personal and commercial lines and the addition of workers compensation.
The acquisition of AMP Ltd's 50% shareholdings in motoring club insurance joint ventures with the RACQ in Queensland, the RAA in South Australia was completed in January 2002 and in March 2004 RACT Insurance in Tasmania (100%) was acquired.
On 20 March 2007 Suncorp's merger with the Promina Group was completed.
The parent company was changed to Suncorp-Metway Limited following the merger.
The new brand, Suncorp Metway, was launched in May 1999, enabling the delivery of the group's resources under one banner, the streamlining of the product range and elimination of duplication in the branch network and to maintain goodwill and minimise the risk of losing Metway Bank customers fearing their bank had disappeared.
On 1 July 2002, the brand name was simplified to Suncorp, which represents all business done in Queensland and for Banking and Wealth Management outside of Queensland. The GIO brand is used for general insurance business outside of Queensland.
Although in business aspects they are known as Suncorp, some people today still call the company "Suncorp Metway"; the registered name of the company is still Suncorp-Metway Limited.
Suncorp has shares in RACQ in Queensland, the RAA in South Australia, and the RACT Insurance in Tasmania (100%).
They also are the parent of insurance company GIO General Ltd. GIO is mainly used as a general insurance company representing Suncorp interstate, as their branches are few and far between in New South Wales, Victoria, Tasmania and Western Australia.
In 2002, Suncorp-Metway covered 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.
As the parent company of the Promina Group Suncorp-Metway also owns the AAMI, Australian Pensioners Insurance Agency (APIA), Just Car Insurance, Shannons, Vero, Asteron and Tyndall insurance brands in Australia, and Vero, Asteron, Guardian Trust, Tyndall, Vero Marine, Vero Liability, AA Insurance, SIS, AXIOM, Mariner, Comprehensive Travel Insurance and Autosure brands in New Zealand.
Today Suncorp is very strong, with assets of over AU$73 billion,[2] over 8 million customers,[2] and over 17,000 staff.[3] 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.[2] Suncorp is the largest[1] and most successful banking and insurance corporations headquartered in Brisbane.
The company is owned by approximately 215,000 shareholders holding more than 924 million shares.[2] Suncorp's Chairman and Non-executive Director is John Story; its Chief Executive Officer and Managing Director is John Mulcahy.
Suncorp holds the naming rights of Lang Park, now called Suncorp Stadium. It is a rectangular sporting stadium located in the Brisbane suburb of Milton, and is the home of the Brisbane Broncos and Queensland Roar.