#Suncorp is a purpose-led organisation
Building futures and protecting what matters sits at the core of everything we do. It defines our culture; the work our people do every day and the role we play in communities across Australia and New Zealand.
It provides stability, strength, and comfort at a time when the unexpected occurs and it supports our customers during those big moments in life, such as buying a home, opening a business or protecting what they hold most dear.
Although FY21 brought about challenges – not only for our team but for the customers and communities we support – we continue to evolve for our customers and deliver for our shareholders. Our strength and momentum are possible due to the hard work and dedication of our people. From branches, contact centres, corporate offices, and home offices, we have adapted to keep our customers, people, and communities safe.
As part of a more focused strategy, we have continued to unlock value through a range of initiatives including the sale of the life insurance business, the sale of the smash repair business, and most recently, the sale of the Wealth business and our share of RACT Insurance.
Christine McLoughlin, Chairman
Suncorp’s Insurance (Australia) provides consumer, commercial and personal injury products to the Australian market. Suncorp Group is one of Australia’s largest general insurers by gross written premium and Australia’s largest compulsory third-party insurer. The ambition is to be Australia’s most trusted and innovative insurer, with a globally best-in-class claims capability.
Insurance (Australia) demonstrated strong progress executing against its key priorities to revitalise growth, optimise pricing and risk selection, invest in digital-first customer experiences, and drive best-in-class claims.
Consistent with the Group’s focus on simplification and driving the performance of the core businesses, Insurance (Australia) has also exited several underperforming portfolios, including Vero construction and consumer lines, and travel. As a result of the business’s focus on revitalising growth, Consumer Gross Written Premium growth improved during FY21 reflecting strengthened brand propositions and increased marketing.
Building a more resilient Australia
Every year in Australia, homes are destroyed and billions are spent on rebuilding property in the aftermath of an extreme weather event.
To tackle this challenge, Suncorp partnered with experts from James Cook University’s Cyclone Testing Station, CSIRO and Room11 Architects to design and test one of Australia’s most natural disaster-resilient homes…we call it One House.
Suncorp’s banking business is focused on lending, deposit gathering and transaction account services to personal, small and medium enterprise (SME), commercial and agribusiness customers. In FY21, Suncorp announced the sale of its Wealth business to LGIAsuper.
Banking is successfully executing against its key priorities to win in home lending, accelerate digital & everyday banking, delivering targeted growth in business banking and simplifying the business. The Bank continues to respond to customer feedback and a growing preference for digital interactions.
Over-the-counter transactions fell by a quarter during FY21, leading to a consolidation in the branch footprint, while customers continued to migrate to the Suncorp App, which has increased functionality. Contact Centre resourcing was brought back onshore and branch employees were equipped to support home lending needs and serve customers via telephone, resulting in a significant improvement in customer service levels compared to the previous year.
Suncorp New Zealand delivers financial services to New Zealanders through Suncorp’s go-to-market general and life insurance brands. Made up of three distinct businesses: Vero Insurance, Asteron Life and AA Insurance, a majority-owned joint venture with the NZ Automobile Association.
They are all well-recognised and trusted brands across the general and life insurance markets. Suncorp New Zealand’s ambition is to be the number one choice for New Zealanders, driven by digital capability and a seamless partnership model.
In New Zealand, our strategic initiatives included strengthening our brands and partnerships, improving our service experience, and simplifying our business, combined with building better digital and data capabilities and best-in-class claims.
Under our best-in-class claims program, we are developing a modern, digital claims management capability and a single claims platform. This program will deliver seamless connectivity with suppliers and partners, enabling more efficient processing of claims, which will deliver faster and more consistent outcomes for customers.
In FY21, Suncorp has advocated for a four-point action plan to make Australia safer while easing affordability pressures in high-risk regions. In New Zealand, Suncorp led the way on the new Natural Disaster Response agreement between private insurers and the New Zealand Earthquake Commission.
Our Purpose has also been front of mind as we deal with the continuing impact of COVID. Since the beginning of the pandemic, we have prioritised the safety and wellbeing of our people and provided relief and support to over 85,000 insurance and banking customers. We know that short-term relief can go a long way, and in light of the current lockdowns, we have banking & insurance support packages that were a feature of the initial lockdowns.
Along with the support we provide to customers, Suncorp has a proud heritage of supporting communities. In FY21 we contributed $9 million to a range of community organisations across Australia and New Zealand, including the Queensland and Victorian SES, Australian Road Safety and Shine in NZ.
10 years on | Remembering the QLD floods
In the summer of 2010-11, 35 individuals tragically lost their lives in the Queensland floods and resulted in three-quarters of the state being declared a disaster zone. Ten years after the disaster, memories of the floods are still vivid.
Suncorp believes our people will be at their best when our workforce is as diverse, talented, and passionate as the communities we serve. That means a workforce that feels included, valued, and connected regardless of gender, marital or family status, sexual orientation, gender identity, age, disabilities, ethnicity, religious beliefs, cultural background, socio-economic background, perspective, and experience.
As many faced ongoing disruption throughout the year, our people embraced innovative and more agile ways of working. Suncorp’s transition to a hybrid model of working maximises productivity and enables continued flexibility through a combination of remote and office-based work. We have also implemented a survey tool that regularly tracks employee sentiment and highlights any challenges our people are facing as we continue to adapt.
In FY21, Suncorp reduced our gender pay gap, responded to the needs of our hybrid workforce by providing learning and support options for carers and their leaders, increased our parental leave offerings, increased our domestic and family violence support, and became the first national organisation in Australia to achieve the ‘Carers + Employers’ carer-friendly workplace accreditation.
#ChooseToChallenge: Championing inclusivity this International Women’s Day
We asked women at Suncorp what 'Choose To Challenge' means to them this International Women's Day, and how they choose to challenge themselves, and others, every day.
Suncorp is committed to building a resilient and sustainable organisation that values customer, shareholder, and other stakeholder outcomes. Learn more about our progress by visiting the Sustainability areas of our website. Our Board-approved Principles guide our approach to governance and risk management, strategy and policy development, business decision making, and disclosure of non-financial performance.
Suncorp is committed to driving awareness and action in support of the United Nation’s Sustainable Development Goals (SDGs), a set of 17 goals that define global sustainable development priorities and aspirations for 2030.
The SDGs call for action to address significant economic, social, and environmental challenges such as poverty, inequality, improving health and education, and climate action. The eight goals with the most relevance to Suncorp’s business activity are below. Read more about our contribution to the SDGs on our website.
The events of the past twelve months have required us all to exercise compassion, support, and patience throughout state-imposed lockdowns and borders, absent loved ones, and the support of those closest to us.
Despite these uncertain times, our purpose at Suncorp continues to be what drives us, delivering meaningful results for our customers, for our people, and for our stakeholders, remaining ever-present in all that we do.
Above all, our people continue to support our communities, embodying our purpose and our values each and every day. In a year that will unlikely be forgotten, we thank you for your unwavering support.