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Suncorp

Suncorp

Company: Suncorp Group Limited

Brand value: US$1,046 million

Change since 2018: -16%

Headquarter city: Brisbane

Industry: Banks

Year formed: 1996

Suncorp is Australia’s largest combined banking and insurance group, offering products under the Suncorp name as well as through subsidiaries that have been brought into the group and which retain their own branding. Suncorp was named Money magazine’s bank of the year in 2018, the second time the brand has won this accolade, and one of only two banks outside the “big four” ever to have won. Like many in the sector, Suncorp has come in for harsh criticism by the Royal Commission into financial services; it was accused of showing a lack of compassion in its pursuit of deceased customers’ families over debts, and of false advertising – a claim it denies. The Royal Commission also found that Suncorp used tax refunds in superannuation funds to buy administrative services, rather than returning the money to members. Profits for the first half of the financial year were reported in early 2019 to have been 44.7 percent down on the same period a year earlier.

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