Suncorp Group (SUN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a Welcome to Country and acknowledgment of traditional custodians.

• Hybrid format enabled participation from both in-person and online shareholders, with clear voting and question procedures outlined.

• Board and executive team introduced, highlighting recent appointments and expertise.

Financial performance review

• FY 2024 net profit after tax was AUD 1.2 billion, with group cash earnings of AUD 1.37 billion.

• Final fully franked dividend of AUD 0.44 per share paid, with a payout ratio of 72% of cash earnings.

• Total Shareholder Return for FY 2024 was 35%.

• Suncorp Bank delivered net profit after tax of AUD 379 million before its sale.

Board and executive committee updates

• Board renewal continued with the appointment of Gillian Brown and the retirement of Dr. Doug McTaggart.

• Several directors, including the Chairman, sought re-election, with the Chairman noting this would be her final term.

• Board composition and skills matrix discussed, with emphasis on technology and cyber expertise.