Building futures and protecting what matters
Annual Report 2021-22
INTRODUCTION | HOW WE CREATE VALUE | FINANCIAL PERFORMANCE | CORPORATE GOVERNANCE | DIRECTORS' REPORT | ||
The road to resilience
Suncorp has long advocated for greater investment in measures that help make Australian households and communities more resilient to natural hazards. As extreme weather events become more frequent, it's important that the homes on every street, neighbourhood and community become as strong as they can be. In 2022, Suncorp Insurance launched Resilience Road, an initiative aimed at encouraging homeowners to take practical steps to strengthen and safeguard their homes against extreme weather.
Learn more1
The Thomas family in Rockhampton were part of | |
1 suncorpgroup.com.au/news/news/putting-queensland-on-the-road-to-resilience | Suncorp Insurance's Resilience Road campaign |
2 Annual Report 2021-22
REMUNERATION REPORT | FINANCIAL STATEMENTS | SHAREHOLDER INFORMATION | ||||||
Acknowledgement of Country
Suncorp acknowledges the Traditional Custodians of the lands on which we operate
and pay our respects to Elders past, present and emerging.
In this report
Introduction and overview | 2 |
About this report | 4 |
Additional reports | 4 |
About Suncorp Group | 4 |
Financial snapshot | 5 |
Chairman's message | 6 |
Group CEO's message | 8 |
How we create value | 10 |
Our business and strategy | 10 |
Value we create | 14 |
Our operating environment | 16 |
What matters most | 18 |
Our customers | 22 |
Our people | 26 |
Our community | 30 |
Our approach to environment | |
and climate change | 32 |
Our approach to risk management | 48 |
Financial performance | 52 |
Suncorp Group | 52 |
Insurance (Australia) | 55 |
Suncorp Bank | 56 |
Suncorp New Zealand | 57 |
Corporate Governance Statement | 58 |
Directors' Report | 72 |
Lead Auditor's Independence Declaration | 85 |
Remuneration Report | 86 |
Financial statements | 114 |
Consolidated statement | |
of comprehensive income | 116 |
Consolidated statement | |
of financial position | 117 |
Consolidated statement | |
of changes in equity | 118 |
Consolidated statement | |
of cash flows | 119 |
Notes to the consolidated | |
financial statements | 120 |
Directors' Declaration | 184 |
Independent Auditor's Report to the | |
shareholders of Suncorp Group Limited | 185 |
Shareholder information | 194 |
Performance summary | 194 |
Shareholder information | 195 |
Financial calendar and key payment dates | 201 |
How to contact us | 202 |
Annual Report 2021-22 3
INTRODUCTION | HOW WE CREATE VALUE | FINANCIAL PERFORMANCE | CORPORATE GOVERNANCE | DIRECTORS' REPORT |
About this report
Our FY22 Annual Report includes information on our financial and non-financial performance for the reporting period 1 July 2021 to 30 June 2022. In preparing this report, we have drawn on aspects of the International Integrated Reporting Framework to describe how our business model, strategy, governance and risk management processes help us manage risks and opportunities in our operating environment and deliver value for our stakeholders. We outline our response to external social and environmental challenges, including how we are continuing to support our customers, people and communities as they recover from numerous extreme weather events. We also outline how we are strengthening our approach to managing the impacts of climate change.The statutory reporting elements of the Directors' Report, including the operating and financial review (OFR), are featured on pages 10 to 85 of this report, along with sections outlining How we create value, Financial performance and our Corporate Governance Statement. All metrics included in the Directors' Report on pages 72 to 85 have been verified through our internal verification process. KPMG was engaged by Suncorp Group to undertake limited assurance over selected non-financial metrics in Suncorp's FY22 annual report. KPMG's independent Limited Assurance Statement to the Board and Management of Suncorp Group is available on the Suncorp Group website. Selected disclosures are identified throughout footnotes within the report. The Remuneration Report on pages 86 to 112 and the Financial statements on pages 114 to 184 have been audited by KPMG.
Our approach to sustainability reporting has been developed in accordance with the Global Reporting Initiative (GRI) Standards: Core option. For a full list of disclosures referenced in this report, on our website and in the 2021-22 Sustainability Data Pack, please refer to the GRI Content Index on our website.
Learn more1
Additional reports
More information on the Group's financial, non-financial, risk and sustainability performance is available online at suncorpgroup.com.au.
FY22 Investor Pack | 2021-22 Sustainability | FY22 Proxy | 2021 Tax | 2020-21 Modern |
suncorpgroup.com.au/ | Data Pack | Voting Report | Transparency Report | Slavery Statement |
investors/events | suncorpgroup.com.au/ | suncorpgroup.com.au/ | suncorpgroup.com.au/ | suncorpgroup.com.au/ |
corporate-responsibility/ | corporate-responsibility/ | uploads/2021-Suncorp-Tax- | uploads/Suncorp-2020- | |
reports | reports | Transparency-Report.pdf | 21-Modern-Slavery- | |
Statement.pdf |
About Suncorp Group
Suncorp Group offers insurance and banking products and services through some of Australia and New Zealand's most recognisable brands. With a heritage dating back to 1902, we have grown to become an ASX-listed company with more than 13,000 people and approximately $106 billion in assets. Suncorp Group comprises three core businesses, each empowered to deliver for their customers.
Following a comprehensive strategic review, on 18 July 2022, we announced a share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ), to sell our banking business. The transaction is subject to a range of regulatory and government approvals. The targeted timeframe for completion is the second half of the calendar year 2023. Until this time we will continue to own and run the Bank.
Insurance (Australia) | Suncorp Bank | Suncorp New Zealand |
1 suncorpgroup.com.au/corporate-responsibility/reports
4 Annual Report 2021-22
REMUNERATION REPORT | FINANCIAL STATEMENTS | SHAREHOLDER INFORMATION | ||||||
Financial snapshot1
$9.25bn
Insurance (Australia) GWP2 9.2%
$62.1bn
Bank total lending3
7.8%
9.0%
Group underlying ITR (FY21 7.2%)4
$673m
Group cash earnings
36.7%
40 cents
Per share total ordinary dividend, fully franked
- All changes refer to the prior corresponding period unless otherwise stated.
- Excluding portfolio exits and Emergency Services Levy (ESL).
- Gross Lending.
- Excludes COVID-19 impacts.
5 Group operating expenses are excluding ESL, TEPL, reorganisation costs and Wealth expenses.
NZ$2.13bn
New Zealand GWP
14.1%
$48.1bn
Bank total deposits
15.9%
$2,781m
Group operating expenses5 3.2%
$681m
Group net profit after tax 34.1%
$248m
CET1 capital held at Group (post dividends)
Caption TBC
Annual Report 2021-22 5
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Suncorp Group Ltd. published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 03:13:06 UTC.