Year in Review 2018-19

#Creating a better today for our customers

Suncorp’s purpose is to create a better today for our customers. Our purpose informs our strategy and guides our decision making.

Suncorp's strategy is focused on building strength in four areas: brilliant customer experience; digitising our business; product innovation; and engaged and enabled people.

In 2018-19, we supported our customers during natural disasters including storms, hailstorms and a one in 100-year flood in Townsville. Within Banking, we delivered digital wallet improvements and faster payments using the Suncorp App. We also supported small businesses and agribusiness customers with a $3 billion pledge of credit.

It was also great to see our people recognised by the industry with our New Zealand business awarded Direct General Insurance Company Of The Year and our Bank named Money Magazine’s Bank of the Year and Business Bank of the Year for the second year.

Suncorp CFO Steve Johnston also took the helm as Acting CEO, with the goal of working hard for customers and shareholders while continuing the fantastic work we do in the community.

Below, you’ll see just a small part of the work we’ve done this year. We want to thank our people for their genuine dedication as we strive to fulfill our purpose to create a better day for our customers.

Letters from our Chairman and Acting CEO

Christine McLoughlin, Chairman

Our ambition is to create value for our shareholders by creating value for our customers.

Christine McLoughlin, Chairman

#2018-19 Highlights

#Our Financial Performance


Cash earnings


Net profit after tax


Total dividends to ordinary shareholders

#Our Customers, People and Society


Women in leadership


Consumer net promoter score


Investment in local communities

#Our Environment


Reduction in greenhouse gas emissions


Reduction in air travel


Reduction in fuel used in company vehicles

#Driving a more responsible business

At the heart of Suncorp’s purpose is doing the right thing for our stakeholders.

Our business decisions are guided by four corporate responsibility principles: Trust and Transparency, Responsible Financial Services, Sustainable Growth, and Resilient People and Communities. 

In 2018–19, we engaged stakeholders to complete a materiality assessment to identify environmental, social and governance (ESG) topics that are important to our business and inform our action plans. The most important issue for our stakeholders is restoring credibility and trust in financial services along with the fairness and value of products and services. 

ESG considerations are being embedded across our value chain. Suncorp’s Responsible Investment Policy incorporates ESG considerations into the evaluation of investment risks and opportunities. Our Corporate Responsibility Principles are also embedded in our Procurement Policy and Supplier Code of Practice for our Australian operations. 

This year we also strengthened our commitment to delivering responsible financial services with an Responsible Banking and Insurance Policy for our Australian operations. 


Employees completed Code of Conduct Training


Effective tax rate from continuing operations


Acceptance of Supplier Code of Practice

David Carter, Suncorp CEO Banking & Wealth

Suncorp’s support for the Code strengthens our commitment to ethical behaviour, responsible lending, greater financial protection and increased transparency.

David Carter, Suncorp CEO Banking & Wealth

#Our Customers

Suncorp’s objective is to deliver better outcomes for our customers and their communities.

We want to be in the best position to deliver for our bank and insurance customers. This year we introduced a number of new and improved customer experiences.

This included introducing single-touch repair coordination through HomeRepair, Suncorp’s own national repairer where multiple trades are arranged to complete repair work on the same day.

We also get customers back into their homes quickly after a weather event. This year we hosted a series of community forums and established our first Customer Support Centre in Townsville.

Digital technology is creating new opportunities for every part of our business. From how customers interact with us to strengthening the processes behind the scenes. This year, 20 per cent of our home and motor claims were lodged digitally. Within banking, our ‘Wave and Save’ product automatically reverts to the lowest cost option whenever their customers tap and pay.

Our Office of the Customer Advocate continues to drive better outcomes for customers through process improvement and working with consumer advocates. Their work is driving business process enhancements and deepening our ability to support customers, especially those who may be experiencing vulnerability. We now have Customers Experiencing Vulnerability teams with established case managers to manage the end-to-end claims process and banking matters to provide customers with better support.


Total claims paid to customers


Number of digital users


Customers assisted during financial hardship

Acting CEO, Steve Johnston

Suncorp has three fantastic businesses with market leading brands, a committed team and a culture that drives us to assist our customers when they need us most.

Acting CEO, Steve Johnston

#Sustainable Growth

Suncorp continues to proactively embed environmental, social and governance considerations.

Suncorp is responding to climate-related risks and opportunities through the implementation of our Climate Change Action and Environmental Performance plans. 

There’s no doubt the increasing risk of severe weather contributes to the cost of home insurance in northern Australia. In response, Suncorp has been helping customers and the community make insurance more affordable. Our Cyclone Resilience Benefit offers up to a 20 per cent reduction to our customers’ building insurance premiums for taking positive action in reducing cyclone risk.

In 2018-19 we also developed a Natural Hazard Resilience Strategy which will further our efforts to support and reward customers in high-risk communities for reducing their own risk to hazards such as bushfires and floods.

We also became a signatory to the United Nations Principles for Sustainable Insurance and Responsible Investment, to help incorporate environmental, social and governance factors into our underwriting and investment practice.

This year, Suncorp became the first financial organisation in Australia to achieve the Chartered Institute of Procurement and Supply Corporate Ethics Award for our commitment to ethical conduct in procurement. 


Reduction in electricity consumption


Reduction in Greenhouse Gas emissions


Customer policies received premium reduction from Cyclone Resilience Benefit

#Advocating for our communities

Suncorp has long advocated for government investment in resilience measures that reduce cyclone risk and better protect communities.

CEO Insurance, Gary Dransfield

Suncorp’s Cyclone Resilience Benefit, has reduced insurance premiums by up to 20 per cent for more than 40,000 North Queensland homeowners.

CEO Insurance, Gary Dransfield

#Our Communities

Suncorp strives to make a real difference by building the financial, social and natural hazard resilience of our communities.

In 2018-19, Suncorp invested $9.2 million in communities, including $7.5 million in cash contributions and $838,025 in volunteering. Our employees are inspired to make a difference in the communities where they live and work through our Brighter Futures program. This program allows our people to volunteer and give to the charities and issues they care about the most. 

In response to the devastating attacks on two Christchurch mosques in March 2019, Suncorp donated $50,000 to St John New Zealand in recognition of their emergency services personnel and to support community health services. 

Suncorp also made a donation of $50,000 to the Red Cross Drought Appeal to support Aussie farmers. We also offer financial relief to impacted agribusiness customers, providing flexible finance options during what has been one of the driest periods in Australia’s history.

And, within days of the Townsville floods, Suncorp made a $200,000 donation to the Red Cross to help support flood-affected communities in North Queensland.

Since launching our Reconciliation Action Plan in May 2018 we’ve supported National Reconciliation Week and NAIDOC Week with events across Australia. We’ve also supported employment pathways for Aboriginal and Torres Strait Islander candidates.

Our Team Girls program is also helping keep girls involved in team sport. Our research tells us team sport nurtures perseverance, resilience and confidence which in can have a real positive impact on their health and wellbeing.


Invested in the community


Hours volunteered by our people

#Clontarf Foundation

Suncorp has partnered with the Clontarf Foundation, to improve the education, life skills, self-esteem and employment prospects for young Aboriginal and Torres Strait Islander men.

EGM Stores and Speciality Banking, Jason Stephens

It was incredible to see the amazing difference Clontarf is having in helping young men, not only enjoy their education, but thrive in every aspect of their school and home life.

EGM Stores and Speciality Banking, Jason Stephens

#Our People

Suncorp has a workforce of more than 13,000 people who are passionate about our purpose to create a better today for our customers.

We are investing in innovative work environments, such as the new 80 Ann Street headquarters in Brisbane that will be completed in 2022. This brings together our Brisbane workforce in a single, modern and collaborative workplace that will keep pace with our future needs.

At Suncorp, 84 per cent of our people are embracing flexible work arrangements to balance their personal and professional lives. 

Developing our people is core to building a diverse and resilient workforce that is prepared for a rapidly-changing business environment. In 2018-19 a pilot group of Suncorp people graduated from the Future Ready Academy where they were shown new skills in analytics, digital and data to help further their career.

Suncorp’s Employee Resource Groups (ERG) are networks created by our people, for our people. In 2019 a new Veterans, Reserves and Defence Family ERG was formed and Arise was created by our culturally and linguistically diverse people. Other groups include Women Connect, Millennials, Life X for mature-age people and Amplify, an LGBTIQ+ network. 

We also continue to strengthen our remuneration frameworks, accountability structures and risk management practices to ensure the behaviours of our people align to customer, risk and performance considerations.


In employee matched giving


Of our people work flexibly


Women in leadership

Chief People Experience Officer, Amanda Revis

The Future Ready Academy provided the opportunity for our people to gain exposure to different functions while exploring roles which they may not have considered before.

Chief People Experience Officer, Amanda Revis