SUNCORP GROUP LIMITED Annual Report 2022-23
Building futures and protecting what matters
OVERVIEW | HOW WE CREATE VALUE | FINANCIAL PERFORMANCE | CORPORATE GOVERNANCE | DIRECTORS' REPORT | ||
Supporting the SES across the east coast of Australia
AAMI became the major partner of New South Wales State Emergency Service (SES) this year, joining Suncorp Group's existing partnerships with Queensland SES (through Suncorp Group) and Victoria SES (through AAMI). The partnership will see NSW communities benefit from support for volunteering, education campaigns and local resilience programs.
Learn more1
1. suncorpgroup.com.au/news/news/AAMI-partners-with-NSW-SES
02 Annual Report 2022-23
REMUNERATION REPORT | FINANCIAL STATEMENTS | SHAREHOLDER INFORMATION | ||||
Our brands
Insurance (Australia)
Suncorp Bank
Suncorp New Zealand
Acknowledgement
of Country
Suncorp acknowledges the Traditional Custodians of the lands on which we operate and pay our respects to Elders past, present and emerging.
Overview | 02 |
About this report | 04 |
Additional reports | 04 |
About Suncorp Group | 04 |
Update on the proposed sale of Suncorp Bank | 05 |
Performance highlights | 06 |
Message from our Chairman | 08 |
Message from the Group CEO and Managing Director | 10 |
How we create value | 12 |
Our purpose and strategy | 13 |
Our operating environment | 18 |
Engaging our stakeholders | 20 |
Our customers | 24 |
Our people | 27 |
Our community | 30 |
Our environment and climate change approach | 32 |
Our approach to risk management | 34 |
Financial performance | 36 |
Suncorp Group | 37 |
Insurance (Australia) | 39 |
Suncorp New Zealand | 40 |
Suncorp Bank | 41 |
Corporate governance | 42 |
Directors' Report | 56 |
Lead Auditor's Independence Declaration | 67 |
Remuneration Report | 68 |
Financial statements | 96 |
Consolidated statement of comprehensive income | 98 |
Consolidated statement of financial position | 99 |
Consolidated statement of changes in equity | 100 |
Consolidated statement of cash flows | 101 |
Notes to the consolidated financial statements | 102 |
Directors' Declaration | 172 |
Independent Auditor's Report to | |
the shareholders of Suncorp Group Limited | 173 |
Shareholder information | 182 |
Performance summary | 183 |
Stock exchange information | 184 |
Financial calendar and key payment dates | 190 |
How to contact us | 191 |
Annual Report 2022-23 | 03 |
OVERVIEW | HOW WE CREATE VALUE | FINANCIAL PERFORMANCE | CORPORATE GOVERNANCE | DIRECTORS' REPORT |
About this report
Our FY23 Annual Report includes information on our financial and non-financial performance for the reporting period 1 July 2022 to 30 June 2023.
In preparing this report, we have drawn on aspects of the International Integrated Reporting Framework to describe how our business model, strategy, governance and risk management processes help us manage risks and opportunities in our operating environment and deliver value for our stakeholders. We outline our response to external social and environmental challenges, including how we are continuing to support our customers, people and communities as they recover from numerous extreme weather events. We also describe how we are strengthening our approach to managing the impacts of climate change with further details available in our 2022-23Climate-related Disclosure Report.The statutory reporting elements of the Directors' Report, including the Operating and Financial Review (OFR), are featured on pages 12 to 67 of this report, along with sections outlining How we create value, Financial performance and Corporate governance. All metrics included in the Directors' Report on pages 56 to 67 have been verified through our internal verification process. KPMG was engaged by Suncorp Group to undertake limited assurance over selected non-financial metrics in Suncorp's FY23 Annual Report. KPMG's independent Limited Assurance Statement to the Board and Management of Suncorp Group is available on the Suncorp Group website. Selected disclosures that have been assured are identified throughout the report via footnotes. The Remuneration Report on pages 68 to 94 and the Financial Statements on pages 96 to 181 have been audited by KPMG.
Our approach to sustainability reporting has been developed with reference to the 2021 Global Reporting Initiative (GRI) Standards. For a full list of disclosures referenced in this report, on our website and in the FY23 Sustainability Data Pack, please refer to the GRI Content Index in the FY23 Sustainability Data Pack.
Learn more1
About Suncorp Group
Suncorp Group offers insurance and banking products and services through some of Australia and New Zealand's most recognisable brands.
With a heritage dating back to 1902, we have grown to become an ASX-listed company with more than 13,000 people and approximately $115 billion in assets. Suncorp Group comprises three core businesses, each empowered to deliver for their customers.
Insurance (Australia) | Suncorp Bank | Suncorp New Zealand |
Provides consumer, | Focused on lending, | Delivers financial services |
commercial and | deposit gathering and | to New Zealanders |
personal injury | transaction account | through Suncorp's go-to- |
insurance products to | services to personal, | market general and life |
the Australian market. | Small and Medium | insurance brands. Made |
Suncorp Group is one | Enterprise (SME), | up of: Vero Insurance, |
of Australia's largest | commercial and | Asteron Life and AA |
general insurers by | agribusiness customers. | Insurance, AA Money |
Gross Written Premium | and AA Life joint ventures | |
(GWP) and the country's | In July 2022, we | with the New Zealand |
largest compulsory third | Automobile Association | |
announced the | ||
party insurer. | (NZAA). | |
proposed sale of | ||
Suncorp Bank. | ||
Learn more2 |
- suncorpgroup.com.au/corporate-responsibility/reports
- suncorpgroup.com.au/announcements-pdf/1684677
Additional reports
More information on the Group's financial, non-financial, risk and sustainability performance is available online at: suncorpgroup.com.au.
FY23 Investor Pack
suncorpgroup.com.au/investors/events
FY23 Sustainability Data Pack
suncorpgroup.com.au/corporate-
responsibility/reports
2022-23Climate-related Disclosure Report
suncorpgroup.com.au/corporate-
responsibility/reports
FY23 Proxy Voting Report
suncorpgroup.com.au/corporate-
responsibility/reports
2022 Tax Transparency Report
suncorpgroup.com.au/corporate-responsibility/
trust-and-transparency/tax-transparency
Suncorp Group Modern Slavery Statement FY22
Suncorp-Group-Modern-Slavery-
Statement-2021-22.pdf (suncorpgroup.com.au)
04 Annual Report 2022-23
REMUNERATION REPORT | FINANCIAL STATEMENTS | SHAREHOLDER INFORMATION | ||||
Update on the proposed sale of Suncorp Bank
On 18 July 2022, following a comprehensive strategic review, we announced the decision to sell Suncorp Bankto Australia and New Zealand Banking Group (ANZ). This decision was taken after extensive consideration and assessment of ANZ's proposal by the Suncorp Board to ensure alignment with our purpose and values, and beneficial outcomes for all of our stakeholders.
It was the Board's firm belief that the sale would provide the opportunity for both our Bank and Insurance businesses to accelerate their growth plans through dedicated focus and targeted investment, particularly in technology. It would also allow Suncorp Group to become a dedicated trans-Tasman insurer at a time when the value of insurance to the economy and public has never been greater, particularly in light of the growing impact extreme weather events have on our business and the people and communities we serve.
Suncorp's insurance operations are not part of the proposed transaction, with Suncorp Group to remain the home of several of Australia and New Zealand's leading and most trusted insurance brands.
On 4 August 2023, the Australian Competition and Consumer Commission (ACCC) announced it would deny authorisationof the proposed sale. As part of the merger authorisation process, ANZ have indicated they will refer the ACCC's decision to the Australian Competition Tribunal for review, and Suncorp has announced it will support ANZ through the process.
We remain of the view that the sale of Suncorp Bank
to ANZ is in the best interests of our customers, shareholders and employees and will deliver public benefits for Queensland and a net benefit to the Australian economy. The intention to return the majority of net proceeds in excess of the needs of the business to shareholders following completion remains unchanged.
Approvals process
As we outlined at the time of the announcement, the sale of Suncorp Bank to ANZ is subject to a range of regulatory and government approvals. During FY23 we progressed the applications required for the sale.
On 16 June 2023, Suncorp announced a significant jobs and investment packageworth around $25 million, agreed with the Queensland Government. This is in addition to Suncorp's commitment to remain headquartered in Queensland, and jobs and investment commitments from ANZ including no net job losses or branch closures in the state for at least three years post sale. These commitments are contingent on all required approvals being received.
Next steps
If the Tribunal approves the transaction, proposed amendments to the Metway-Merger Act would need to be introduced to Queensland Parliament for consideration in accordance with normal processes to allow the sale to proceed.
The transaction is also subject to approval from the Federal Treasurer under the Financial Sector (Shareholdings) Act. Subject to all approvals and amendments being received, we now expect completion by the middle of the 2024 calendar year (refer to the timeline below).
Suncorp Group remains fully committed to the Bank while this process continues. Our focus on delivering for our customers, communities and shareholders does not change.
Pathway to Bank completion and transition
4 August 2023
ACCC Determination
approvals | ACCC process | |
Tribunal process | ||
Regulatory | ||
Metway Merger Act process | ||
FSSA process | ||
Separation | Pre-completion separation and transition planning | |
Mid 2024 (calendar year)
Completion date | 2 (+1) Years |
Post-completion transitional services |
Annual Report 2022-2305
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Disclaimer
Suncorp Group Ltd. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 September 2023 12:33:05 UTC.
