Message from the Chairman FY26
Duncan West
Chairman
12 August 2026
Dear Shareholder,
It is my great pleasure to write my first end of financial year letter to you as Chairman, having taken over the role in September 2025 after the Annual General Meeting (AGM). Suncorp’s 2026 performance demonstrates the underlying strength of the business and enhanced resilience as a simpler, more focused pure-play insurer. Having marked just over two years as a standalone Trans-Tasman insurer following the sale of Suncorp Bank, Suncorp continues to deliver on its strategic priorities and transform to meet the evolving insurance needs of our customers and communities and create long-term shareholder value.
This year, Suncorp responded to 18 declared natural hazard events across Australia and New Zealand, supporting customers through more than 120,000 natural hazard claims. The $2 billion cost of these natural hazard claims forms part of the $10 billion we have spent supporting customers’ claims, underscoring the importance of insurance to our communities and economies.
Suncorp remains well placed to navigate what is an increasingly complex external environment. Alongside the impacts of climate change and extreme weather, the past year has been shaped by the accelerated deployment of Artificial Intelligence, intensified geopolitical uncertainty and inflationary pressures, which have compounded cost of-living challenges for customers and communities.
We remain acutely aware of ongoing insurance affordability and accessibility challenges. Playing a leading role in addressing these issues remains at the core of Suncorp’s strategy and our advocacy efforts with stakeholders, and a top priority for your Board.
Our performance and capital position
Suncorp delivered a strong set of results in FY26, reporting net profit after tax of $1,027 million and cash earnings of $1,042 million, underpinned by resilient margins at the top end of the target range.
The Board has determined a fully franked final ordinary dividend of 52 cents per share, bringing the total fully franked ordinary dividends for FY26 to 69 cents per share, representing a payout ratio of 70.5% of cash earnings.
Our disciplined approach to capital management and robust capital position has enabled us to determine a fully franked special dividend of 10 cents per share, which will be paid alongside the final dividend on 22 September 2026.
Following the successful completion of a $400 million on market share buy-back in FY26, we are pleased to announce our intention to buy back up to a further $250 million of our shares through an on-market buy-back in FY27.
While Suncorp’s natural hazard allowance for the financial year was exceeded by $254 million, Suncorp took the opportunity to commence a multi-year aggregate reinsurance cover, which took effect from 30 June. This protection, in combination with our broader reinsurance program and natural hazard allowance, well positions Suncorp to support customers and deliver for shareholders through periods of elevated natural hazard activity or related uncertainties over the coming years.
Board renewal
Board renewal remains an ongoing priority as we seek to maintain an appropriate mix of international experience, skills and diversity to achieve Suncorp’s strategy and effectively navigate our operating landscape both now and into the future.
At this year’s AGM, Sally Herman and Simon Machell will be retiring after many years of exemplary service. I thank both Sally and Simon for their support and invaluable contribution to Suncorp’s Board.
In June 2026, we welcomed Ms Yen Saw to the Board as a non-executive director. Yen brings extensive insurance and reinsurance industry experience together with a strong track record in digital transformation across a variety of platforms, businesses and markets, all of which are highly relevant to Suncorp’s ongoing technology-led strategic agenda to modernise and transform our operations. Yen will seek election at our AGM in September.
We also have an active search underway for an additional director to complement our existing Board skills, and I look forward to keeping you updated as our Board continues to evolve.
Closing
On behalf of the Board, I would like to thank you, our shareholders, for your continued support of Suncorp.
It is a privilege to serve as your Chairman, and I would like to thank my fellow board members for their support and insights.
I extend my thanks to CEO Steve Johnston and his executive team for their leadership. In what is a reflection of the strength of Suncorp’s executive leadership team, it was great to see Steve so ably supported by the team while he took medical leave during the year and I acknowledge CFO Jeremy Robson for acting in the CEO role during that time.
My deepest appreciation also goes to all Suncorp employees for their hard work in supporting our customers and communities, and dedication to the business.
As a leading Trans-Tasman general insurer with solid foundations and a clear strategy, Suncorp remains well placed to deliver value for our customers and shareholders and contribute to a strong and sustainable insurance industry across our region.
Duncan West
Chairman