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Profile - Suncorp

Parent Company: Suncorp Group Limited

Brand Value: $1,250 Mil.

Headquarter City: Brisbane

Industry: Banks

Year Formed: 1996

The Suncorp Group Limited offers finance, insurance and banking products, and is Australia’s largest combined banking and insurance company with insurance subsidiaries including Suncorp, AAMI (both BrandZ Top 40 Australia brands), GIO, Vero, Apia, and Shannons serving nearly 9 million customers. Formed at the end of 1996 through the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation, the parent company now generates over AU$19 billion in revenues with over AU$97 billion in assets, employing over 13,000 people. Many consider Suncorp as an insurer with a banking arm while others see it as a bank with a strong insurance business. Suncorp has capitalized on these mixed perceptions by delivering to customers cross-company offers to strengthen their brand loyalty and improve their bottom line. In 2016 Suncorp announced that this would be further improved through the creation of a controversial ‘Marketplace’ where customers can access offers from across the expansive group. The strategy appears to be working with stock prices, market cap and assets all up at their highest levels ever.