Tribunal overturns ACCC's decision, paving way for AU$4.9bn (US$3.2bn) acquisition, with Group CEO commenting the move will significantly strengthen Suncorp's ability to meet evolving insurance needs.
FY23 profit increase helps maintain strong ratings in face of weakening combined ratio, rising nat cat concerns, and possible impacts of the banking arm sale.
The Australian Competition and Consumer Commission recognised Suncorp would benefit from focusing on insurance, but denied the acquisition due to concerns over increased mortgage rates and weakened competition...
The Australian Government introduced the AU$10bn (US$6.7bn) cyclone and flood damage reinsurance pool in July 2022 to help insurance companies manage NatCat risks.
