Suncorp Group (SUN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and a Welcome to Country, emphasizing cultural respect and community connection.

• Procedures for hybrid participation, voting, and Q&A were outlined, ensuring inclusivity for both in-person and online attendees.

• The agenda included financial performance, board elections, remuneration, and shareholder questions.

Financial performance review

• Net profit after tax reached AUD 1.8 billion, supported by one-off profits from the sale of Suncorp Bank and NZ Life, and strong investment income.

• Cash earnings were nearly AUD 1.5 billion, with general insurance gross written premium up 6.3% year-on-year.

• Natural hazard claims costs were AUD 205 million below allowance, aided by the Cyclone Reinsurance Pool.

• A fully franked final ordinary dividend of AUD 0.49 per share was paid, and a special dividend plus capital return followed the bank sale.

• An on-market share buyback of up to AUD 400 million was announced, reflecting a robust capital position.

Board and executive committee updates

• Chairman Christine McLoughlin retired after a decade of service, succeeded by Duncan West.

• Board renewal continued with the election of David Whiteing and re-elections of Ian Hammond and Sally Herman.

• The board composition and skills were discussed, with a focus on technology, risk, and diversity.