The commitments have been agreed with the Queensland Government as part of the sale of Suncorp Bank to ANZ, which is still subject to regulatory and government approvals. Proposed amendments would need to be introduced to the Queensland Parliament for consideration in accordance with normal processes.
In addition to Suncorp’s commitment to remain headquartered in Brisbane as a dedicated insurance company, the agreement with the Government will also ensure Queensland remains the home of Suncorp with a guarantee there will always be more Suncorp jobs in Queensland than any other state.
Suncorp Group Chairman Christine McLoughlin, AM said Suncorp had a long and proud heritage as a Queensland headquartered company and remained fully committed to Queensland.
Christine McLoughlin, AM, Suncorp Group Chairman
This amendment, if approved, will further entrench Suncorp into the fabric of the Queensland community with continued investment and jobs in Queensland prioritised.
When the sale of Suncorp Bank was announced in July last year, Suncorp committed to maintaining its strong presence in Queensland and to further invest in people and a range of initiatives in the state. In addition to the commitments to Queensland made by both Suncorp and ANZ at the time of announcing the transaction, Suncorp Group will also commit to:
at least $19 million to develop a Disaster Response Centre of Excellence in
Suncorp’s Brisbane headquarters, including:
- state-of-the-art technology to monitor weather alerts, proactively communicate with Suncorp customers and impacted communities, and improve Suncorp’s response before, during and after major weather events not only in Queensland, but across Australia and New Zealand;
- growth in Suncorp’s Disaster Response Team in Queensland, with the creation of an additional 20 full-time roles in respect of weather monitoring, climate change, geospatial technology, artificial intelligence, digital transportation and supporting functions;
- design and fit-out of a fully functional mobile hub to be deployed in areas affected by natural disasters to assist the community’s recovery;
- increasing the number of Suncorp employees in regional Queensland by 120 people through the creation of a ‘Suncorp Regional Hub’ in Townsville; and
- spending at least $3 million to fund community or educational initiatives relating to vocational training, supporting First Nations employment pathways and research, courses, internships, and scholarships relevant to disaster resilience and emergency management.
As part of this investment package, Suncorp has committed to ensuring aggregate employment levels for the Suncorp insurance business and Group corporate services activities are greater in Queensland than any other individual state or territory in Australia.
Suncorp Group CEO Steve Johnston said this agreement, pending approval, was a positive step towards Suncorp Group becoming a dedicated Trans-Tasman insurer at a time when both the value of insurance and the need for a vibrant, sustainable insurance sector has never been greater.
“Suncorp’s ability to meet the rapidly changing needs of insurance customers, address increasingly complex challenges such as climate change and affordability and to be at the forefront of advocating for a more resilient Australia will be significantly strengthened through dedicated investment as a pure play insurance company,” Mr Johnston said.
“Headquartered in Queensland, the Group will remain the home of several of Australia and New Zealand’s leading and most trusted insurance brands including AAMI, GIO, Shannons, Apia and Vero, and of course the Suncorp brand, and will continue to offer the same great service to Queenslanders.”
Subject to approvals, the expected timeline for completion of the sale of Suncorp Bank to ANZ remains the second half of calendar year 2023. The ACCC is expected to make their determination by 28 July 2023.