In a move designed to reflect the future focus of the organisation, Suncorp Wealth Management has been renamed Suncorp Life.
… the new business unit name … sends a strong message to stakeholders that our business model is aligned to our aspiration
According to Suncorp Group Executive Geoff Summerhayes, “Our business capability lies in life risk and the new business unit name - Suncorp Life - sends a strong message to stakeholders that our business model is aligned to our aspiration,” which is to become a leading life insurance specialist.
Looking forward, the core business of the company is life insurance (mainly under the Asteron banner), which is supported by what Mr Summerhayes refers to as ‘… profitable complementary businesses..’, namely Suncorp Life’s asset management and superannuation and investment companies.
In announcing this identity change, Mr Summerhayes also released an independent assessment of an embedded value for the Suncorp Life business unit of $2.175 billion, commenting that:
“Reporting Suncorp Life’s embedded value will give our stakeholders greater understanding of the intrinsic value of the business and recognition of its place in the Suncorp Group.”
Suncorp advises it will continue with its multi‐business line, multi‐brand strategy, with its key ‘take‐to‐market’ brands remaining Suncorp, Asteron and Tyndall
