Suncorp Group Limited’s 2025 Annual General Meeting highlighted a year of significant transition, as the company completed its move to a pure-play general insurer and prepared for a change in board leadership.
Outgoing chairman Christine McLoughlin, who has served on the board for a decade and as chairman for seven years, reflected on the company’s journey through a period marked by technological change, regulatory developments, and climate-related challenges.
Addressing shareholders, McLoughlin said: “Over these years, our company – and indeed, the broader environment in which we operate – has experienced a tremendous amount of change.”
She noted that Suncorp’s transition to a focused insurance business followed the sale of Suncorp Bank to ANZ Banking Group and the divestment of its New Zealand Life insurance operations.
“This strategic decision was made with a clear goal – to focus our efforts and resources on our core general insurance business, and deliver the benefits of being a strong, profitable, reliable, and trusted insurer for Australia and New Zealand,” McLoughlin said.
The company’s simplification strategy resulted in the return of $4.1 billion in net proceeds to shareholders, including a capital return of $3 per share and a fully franked special dividend.
Suncorp also issued a final ordinary dividend of 49 cents per share and announced a share buy-back program of up to $400 million, reflecting a robust capital position.
Natural catastrophe response remained a priority, with Suncorp supporting customers through 17 declared natural hazard events in the past year.
The company invested in a new Disaster Management Centre in Brisbane, deployed mobile disaster response units, and opened a regional office in Townsville to enhance support for affected communities.
McLoughlin emphasised ongoing collaboration with government and industry to improve disaster resilience.
“We continue to work with governments at all levels, industry and community stakeholders to argue for greater investment in mitigation and resilience measures,” she said.
In his speech, chief executive officer Steve Johnston reported that Suncorp delivered a net profit after tax of $1.8 billion for the 2025 financial year, which included one-off gains from business sales and higher investment income.
General insurance gross written premium increased by 6.3%, and the company’s natural hazard claims costs were below allowance.
Johnston highlighted Suncorp’s digital transformation, with more than three-quarters of customers now purchasing insurance online and nearly 60% managing claims through digital channels.
“Our investment is focused on further modernising our platforms and advancing our deployment of technologies such as AI at scale to transform our operations and create seamless end-to-end digital experiences and more personalised products,” he said.
Duncan West, who joined the board in 2021 and the incoming chairman, acknowledged the company’s transformation and outlined his commitment to addressing industry-wide challenges such as insurance affordability and climate risk.
“These urgent issues are at the core of our strategy and will remain a priority for your board, together with our executive leadership team, including through our advocacy with government, regulators, the industry and communities,” he said.
West also recognised McLoughlin’s leadership during a period of change, stating: “Under your stewardship, and together with our CEO, you have led Suncorp through periods of unprecedented challenges and supported the company’s evolution in line with changing customer and community expectations and fast-paced workforce and technology trends.”
Suncorp’s leadership team reiterated its focus on delivering value to policyholders and shareholders as a dedicated insurer.
The company plans to continue investing in technology, disaster readiness, and stakeholder engagement, while advocating for improved risk mitigation and insurance accessibility across Australia and New Zealand.
