Suncorp Group (SUN) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a Welcome to Country and acknowledgment of traditional custodians, followed by introductions of the board, executive team, and meeting procedures for both in-person and online attendees.

• Voting and question protocols were outlined, emphasizing inclusivity and orderly conduct.

Financial performance review

• FY 2024 group net profit after tax was AUD 1.2 billion, with group cash earnings of AUD 1.37 billion, driven by positive investment returns and natural hazard costs below allowances.

• A final fully franked dividend of AUD 0.44 per share was paid, with a full-year payout ratio of 72%.

• Total Shareholder Return for FY 2024 was 35%.

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

Board and executive committee updates

• Several directors, including Gillian Brown, Lindsay Tanner, Sylvia Falzon, and Duncan West, stood for election or re-election, each highlighting their expertise and contributions.

• Board renewal and succession planning were discussed, with a focus on maintaining a diverse and skilled board.

• The board size was affirmed as appropriate given ongoing regulatory and strategic demands.