Suncorp reaffirms full-year guidance
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The news: Suncorp has reaffirmed its full-year underlying insurance trading ratio (ITR) guidance, expecting to report "towards the top" of its 10% to 12% range.
The numbers: Ahead of Suncorp's investor strategy update today, the insurer said it continues to expect net proceeds from the sale of Suncorp Bank to ANZ to be around $4.1 billion.
The context: Suncorp said that its FY25 to FY27 strategy, aimed at making the group "the leading Trans-Tasman insurer by FY27", is being supported by investment in two strategic initiatives.
These comprise "platform modernisation", centred on its digital insurer platform transformation, and "operational excellence", including the deployment of new artificial intelligence capabilities.
The cost of all the strategic investments is included in the company's outlook guidance, it said.
Meanwhile, Suncorp said it expects to return proceeds from the sale of Suncorp Bank to shareholders towards the end of the first quarter of the 2025 calendar year. The timing remains subject to relevant approvals, including the Australian Taxation Office and Australian Prudential Regulation Authority, it said.
Elsewhere, Suncorp expects the sale of its New Zealand life insurance business, announced in April, to complete around the end of January 2025, subject to approval from the Reserve Bank of New Zealand.
The source: ASX announcement
