ASX:SUN

Suncorp Group to Redeem Capital Notes 3 in June

Suncorp Group (ASX:SUN) will redeem all AU$389 million worth of its Suncorp capital notes 3 that are outstanding on the optional exchange date of June 17, according to a Monday filing with the Australian bourse.The notes were issued in December 2019, and their redemption has been approved by the Australian Prudential Regulation Authority, per the filing.Holders will be entitled to receive the face value of AU$100 per note plus the final distribution of AU$1.2674 per note for each note held on the June 2 record date.

Suncorp Group Completes AU$200 Million Subordinated Notes Issuance

Suncorp Group (ASX:SUN) completed a AU$200 million issue of unsecured subordinated notes in an offering to institutional and wholesale investors, according to a Wednesday filing with the Australian bourse.The notes due 2037 were issued at a margin of 150 basis points over the three-month bank bill swap rate.The company said it plans to use the proceeds to fund Tier 2 capital for entities within the Suncorp Group, and for general funding purposes.Suncorp Group shares were down 1% in recent Wednesday trade.

Suncorp Group Prices AU$200 Million Subordinated Notes Issue

Suncorp Group (ASX:SUN) has priced a AU$200 million issue of direct, unsecured, subordinated notes to institutional and wholesale investors, with the margin set at 150 basis points over the three-month bank bill swap rate, according to a Wednesday Australian bourse filing.The company said the notes have an 11-year term with a maturity date of June 1, 2037, with Suncorp holding the option to redeem or resell them on June 1, 2032, or any interest payment date thereafter, subject to Australian Prudential Regulation Authority approval, the filing added.The notes are expected to be issued on or around May 20, with proceeds to fund Tier 2 Capital of one or more regulated entities within the Suncorp Group, and for general funding and capital management purposes, the filing added.The company's shares rose 1% in recent Wednesday trade.

Suncorp Group Launches Australian Dollar-Denominated Tier 2 Subordinated Notes Offer

Suncorp Group (ASX:SUN) launched an offering of Australian dollar-denominated wholesale Tier 2 subordinated notes due 2037, expected to be priced on Wednesday, according to a same-day filing with the Australian bourse.The company expects to use the proceeds to fund Tier 2 capital within the Suncorp group and for general funding purposes, per the filing.The notes will be offered to institutional and wholesale investors at a minimum subscription amount of AU$500,000, with no right for holders to seek early redemption.

Morgans Financial Downgrades Suncorp Group to Hold from Accumulate; Price Target is AU$17.79

Suncorp Group Inches Up After Pricing AU$200 Million Capital Notes Issue

Suncorp Group (ASX:SUN) shares were marginally higher after the insurer said late Wednesday that it priced a AU$200 million issue of perpetual, noncumulative, convertible, unsecured, subordinated capital notes in an offering to institutional investors and other wholesale investors.The margin was set at 235 basis points over the three-month bank bill swap rate and was determined under a bookbuild process.The capital notes are expected to be issued on or around May 6, and no shareholder approval is needed for the issue.

Suncorp Group Launches Offer for Additional Tier 1 Capital Notes

Suncorp Group (ASX:SUN) launched an offer for Australian dollar-denominated perpetual, convertible notes to fund additional Tier 1 capital within the group, according to a Wednesday filing with the Australian bourse.The unsecured, subordinated notes will be offered to institutional and wholesale investors at a face value of AU$10,000 per note, with a potential minimum subscription amount of AU$500,000, per the filing.The notes are expected to be priced on Wednesday.

Suncorp Group Sees Improved Earnings Stability Under New Reinsurance Structure, Jefferies Says

Suncorp Group (ASX:SUN) will benefit from reduced earnings volatility and improved capital efficiency following its new five-year aggregate reinsurance program, though growth forecasts have been modestly revised lower, Jefferies said in an April 24 note.Jefferies noted that the new reinsurance program, starting June 30, provides AU$800 million in annual catastrophe protection and up to AU$2.4 billion over five years, capping natural hazard costs at budgeted levels in about 90% of scenarios and reducing earnings volatility from extreme weather.The equity research firm said that the company's revised framework raises its fiscal 2027 natural hazard allowance to AU$1.85 billion and ties it to exposure growth following a AU$453 million first-half 2026 overrun, with the impact broadly neutral.The research firm stated that, despite differing economics from its peers, the company's underlying insurance trading ratio outlook remains steady at 10% to 12% at the top end of its range, with reported earnings expected to better reflect underlying performance as catastrophe volatility eases.The research firm slightly revised its forecasts, cutting gross written premium growth to about 3% from 3.8% due to foreign exchange effects in New Zealand and updating investment income and valuation assumptions, with earnings estimates adjusted within a range of negative 3% to 1% over the forecast period.Jefferies maintained a hold rating on Suncorp Group and raised the price target to AU$17.70 from AU$16.50.

Australian Shares Flat; Suncorp Group Enters AU$2.4 Billion Reinsurance Deal

Australian shares were flat, with a negative bias, at Friday's close as markets faced uncertainty while the deadlock between the US and Iran continued in the Middle East.The S&P/ASX 200 Index was little changed to close at 8,786.50.Brent crude oil futures gained 1.2% to reach $106.3 per barrel. The Strait of Hormuz continued to be closed, and the US said it had carried out a "maritime interdiction" on an Iran-linked tanker.US President Donald Trump ordered the Navy to "shoot and ​kill" Iranian boats laying mines in the waterway.On the domestic front, Australia's trimmed mean inflation expectedly rose 0.9% quarter-on-quarter in the first quarter of the year, with a 3.6% year-on-year increase, according to a report by ANZ. The bank expects that the consumer price inflation rose 1.4% quarter on quarter and 4.1% year-on-year.The divergence between headline and trimmed mean inflation partly reflects the impact of higher fuel prices in March, the report added.In company news, Suncorp Group (ASX:SUN) has struck a reinsurance cover deal providing it with AU$800 million of protection annually and up to AU$2.4 billion in total protection over the agreement's five-year term. The agreement is effective June 30 and includes protection previously provided by Suncorp's existing dropdown arrangements below AU$350 million. Its shares rose over 4% on market close.Newmont (ASX:NEM) reported first-quarter adjusted earnings of $2.90 per share, up from $1.25 a year earlier. Sales for the three months ended March 31 reached $7.31 billion, compared with $5.01 billion a year earlier. Its shares closed up 1%.Lastly, Fortescue (ASX:FMG) reported total iron ore shipments of 48.4 million wet metric tonnes (wmt) during the third quarter ended March 31. The company recorded iron ore shipments of 46.1 million wmt for the quarter ended March 31, 2025. Its shares were down over 5% on market close.

Suncorp Group Establishes Wholesale Note Issuance Program; Shares Jump 5%

Suncorp Group (ASX:SUN) established a non-underwritten wholesale note issuance program for additional tier 1 capital notes and tier 2 subordinated notes, according to a Friday Australian bourse filing.The insurer will use the net proceeds for general funding and capital management purposes, including regulatory capital requirements of regulated entities in the group.The capital notes will constitute direct, unsecured, subordinated, perpetual obligations, per the filing. The subordinated notes will constitute its direct, unsecured, and subordinated debt obligations.Subordinated notes may bear interest at a fixed rate, floating rate or a fixed-to-floating rate.Suncorp Group's shares jumped nearly 5% in recent trading on Friday.

Suncorp Group Enters AU$2.4 Billion Reinsurance Deal

Suncorp Group (ASX:SUN) has struck a reinsurance cover deal providing it AU$800 million of protection annually and up to AU$2.4 billion in total protection over the agreement's five-year term, according to a Friday filing with the Australian bourse.The agreement is effective June 30 and includes protection previously provided by Suncorp's existing dropdown arrangements below AU$350 million, per the filing.The fiscal 2027 attachment point for the aggregate cover is AU$1.85 billion. The company said it expects the aggregate cover to effectively cap natural hazard costs at the attachment point in about 90% of scenarios in any year.The deal is also expected to reduce volatility in net claims costs, resulting in a one-off capital release of about AU$100 million "through a modestly lower capital target," the company said.Additionally, Suncorp expects its fiscal 2026 underlying insurance trading ratio to come in toward the upper end of its 10% to 12% guidance range. The company also said it now expects fiscal 2026 gross written premium growth of about 3%.It previously guided for gross written premium growth "around the bottom of the mid-single digit range," according to an earlier filing.