Suncorp Group LtdGrey Market
May 27, 2014, 2:17 AM
- Suncorp Group (SNMYF), Australia’s largest general insurer by market value, is planning a A$500M ($462M) writedown due to rising insurance claims and customer competition.
- The writedown will reduce net profit and cut capital by A$27M ($25M), although the insurer expects to pay a dividend of 60-80% of cash earnings.
- As a result, the group lowered its top-line growth targets to 4-6% from 7-9%.
Jun. 12, 2013, 9:27 PMGoldman Sachs (GS) is buying a big batch of the "bad bank" loan book of Suncorp (SNMYF.PK) for $960M. What it's getting for the money is A$1.6B of loans for an average 60 cents on the dollar. Suncorp will book a loss of about A$480M in 2H13 and is expected to issue a special dividend to return surplus capital to investors. | Jun. 12, 2013, 9:27 PM