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☆ Suncorp CEO is 'very confident' in the company's future as a pure-play insurer post ANZ deal
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSuncorp CEO is 'very confident' in the company's future as a pure-play insurer post ANZ dealSteve Johnston, Suncorp's Group CEO, says the company still has "work to do" to close the ANZ-Suncorp bank deal but remains confident it will succeed.

Persons: Steve Johnston Organizations: Suncorp, ANZ, Suncorp's

☆ ANZ CEO says Suncorp Bank acquisition is 'important but not critical' to the group
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailANZ CEO says Suncorp Bank acquisition is 'important but not critical' to the groupShayne Elliott, CEO of ANZ says the bank's strength is coming from its international diversification, adding that the proposed acquisition of Suncorp Bank would be "exciting" for its Australian retail banking division.

Persons: Shayne Elliott Organizations: ANZ, Suncorp Bank

☆ Australia's ANZ sinks as record annual profit falls short of market forecasts
▼ + stars: | 2023-11-12 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. The banking group's Aussie commercial business recorded 11% revenue growth over the year with lending rising to record high of A$62 billion. ANZ intends to expand its commercial business with focus on its currency and payment sites while reducing costs, it said. ANZ declared a final dividend of 94 Australian cents apiece, up from 74 Australian cents apiece announced a year ago. ANZ, however flagged that the external environment will likely remain challenging adding that higher interest rates will impact economic activity as it sees "another year of cost-of-living pressures."

Persons: Lucy Craymer, Azib Khan, Rishav Chatterjee, Roushni Nair, Grant McCool, Lisa Shumaker Organizations: ANZ Bank, REUTERS, ANZ, Citi, P Capital, Suncorp, Thomson Locations: Lambton Quay, Wellington , New Zealand, Australia, Bengaluru

☆ Microsoft starts selling its Copilot AI tool for email and documents
▼ + stars: | 2023-11-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

On Wednesday, the company started selling the Microsoft 365 Copilot artificial intelligence add-on for its Office app subscriptions targeting businesses. Wong said Gartner encourages organizations to experiment with generative AI, which can create synthetic images and text with just a few words of human input. "I think getting to 20% will be reasonable within two to three years for technologies like Copilot, because there's going to be early adopters, and there's going to be fast followers," he said. Microsoft acknowledges on its website that "the responses that generative AI produces aren't guaranteed to be 100% factual." Microsoft says prompts and responses in Copilot aren't used to train language models and adhere to the company's privacy standards.

Persons: Piper Sandler, Brent Bracelin, Hannah Rudoff, Piper Sandler's, Bracelin, Satya Nadella, Nadella, we've, Jason Wong, Wong, Gartner, Piper Sandler's Bracelin, ChatGPT, aren't, Katie Stockton Organizations: Microsoft, Google, CNBC, Copilot, Bayer, KPMG, Mayo Clinic, Suncorp, Visa, Gartner, Companies

SYDNEY, Sept 29 (Reuters) - The blocking of three major deals by Australia's antitrust regulator in the past year was a coincidence, its chair told Reuters, pushing back against concerns among bankers that it has become deal-averse. "There happens to have been a sequence, frankly coincidentally as it turns out, of oppositions," ACCC Chair Gina Cass-Gottlieb said in an interview. There are some concerns that it could be blocked as Brookfield owns AusNet, a poles and wires asset in Victoria state. Cass-Gottlieb also said she doubted foreign investors have been dissuaded from pursuing deals in Australia which does not require companies to get formal clearance before proceeding with a takeover. "The recent stream of merger blockages will make foreign investors think twice."

Persons: Gina Cass, Gottlieb, Canada's Brookfield, Cass, Stephen Corones, Hannah Marshall, it's, Byron Kaye, Scott Murdoch, Edwina Gibbs Organizations: Australian Competition, Consumer Commission, Telstra, TPG, ANZ, Transurban, Origin Energy, Brookfield, FOCUS Cass, Investors, Queensland University of Technology, Cass, Marque Lawyers, Thomson Locations: Melbourne, AusNet, Victoria, Australia, Queensland

☆ Australia's ANZ Group and Suncorp seek review of $3.2 bln deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 billion deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

☆ ANZ Group reports higher late mortgage payments in stiff market
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo/File Photo Acquire Licensing RightsSummaryCompanies Reports rise in customer depositsMarginal increase in gross impaired assetsAug 17 (Reuters) - ANZ Group Holdings (ANZ.AX) said on Thursday late mortgage repayments past 90 days edged higher in the June quarter but were still below historic levels while logging higher customer deposits in a stiff market. The country's fourth-largest bank is still dealing with rising financial stress among mortgage customers as higher cash interest rates put pressure on its margins. "Liability portfolio mix continued a shift towards higher interest rate, lower margin, savings accounts and term deposits," ANZ said in a statement. ANZ recorded a continued growth in retail and institutional customer deposits while flagging a marginal rise in its gross impaired assets.

Persons: Steven Saphore, Rishav Chatterjee, Nausheen, Shilpi Majumdar, Sherry Jacob, Phillips Organizations: New Zealand Banking Group, ANZ, REUTERS, ANZ Group Holdings, Thomson Locations: Australia, Sydney, Bengaluru

☆ Suncorp Group CEO on the future of the ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSuncorp Group CEO: 'very confident' that the ANZ-Suncorp Bank deal will succeedSteve Johnston, CEO of Suncorp Group says that inflation has been a big issue for the insurance industry and remains fully committed to the ANZ-Suncorp Bank deal.

Persons: Steve Johnston Organizations: Suncorp, ANZ, Suncorp Bank, Suncorp Group

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. "A substantial lessening of competition in home loans would have major flow-on impacts to Australians with a mortgage," he added. The companies said they would seek a review of the determination at the Australian Competition Tribunal, an offshoot of the federal court which oversees takeover rulings. Taking the deal to the competition tribunal would delay its completion to mid-2024, if the tribunal approved it, from the late 2023 timeline the companies gave when they announced it a year ago. The ANZ-Suncorp deal also needs sign-off from Treasurer Jim Chalmers who declined to comment.

Persons: Lucy Craymer, Mick Keogh, Gina Cass, Gottlieb, Jim Chalmers, Byron Kaye, Himanshi, Stephen Coates Organizations: ANZ Bank, REUTERS, ANZ, Suncorp, ANZ Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, Citi, Telstra, TPG Telcom, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Sydney, Bengaluru

☆ Australian competition regulator rejects $3.2 bln ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy CraymerAug 4 (Reuters) - Australia's competition regulator said on Friday it had denied authorisation for ANZ Group Holdings (ANZ.AX) to proceed with its proposed A$4.9 billion ($3.21 billion) acquisition of Suncorp Group's banking arm. The Australian Competition and Consumer Commission (ACCC) said it was not satisfied that the acquisition would not lessen competition in the supply of home loans to Australian customers. "Evidence we obtained strongly indicates that the major banks consider the second-tier banks to be a competitive threat," ACCC Deputy Chair Mick Keogh said in a statement. Keogh said the proposed acquisition would further "entrench an oligopoly" structure, with the country's four major banks dominating. "We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland," ANZ said in a statement, noting that the ACCC's decision can be reviewed by the independent Australian Competition Tribunal.

Persons: Lucy Craymer, Mick Keogh, Keogh, Himanshi, Shri Navaratnam, Subhranshu Organizations: ANZ Bank, REUTERS, ANZ Group Holdings, Suncorp, Australian Competition, Consumer Commission, ANZ, Australian Competition Tribunal, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Queensland, Bengaluru

☆ Aussie competition regulator delays decision on ANZ's $3.3 bln Suncorp Bank buy
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Australia's competition regulator on Monday said it has delayed its decision on ANZ Group Holdings' (ANZ.AX) proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank (SUN.AX) by a week to August 4, and has requested a further extension of one week. "It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making," the regulator said. ANZ, the country's fourth-largest bank, in its response on Friday consented to an extension till August 4. This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July. ($1 = 1.4865 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Varun Organizations: ANZ Group Holdings, Suncorp Bank, Australian Competition, Consumer Commission, ANZ, ACCC, Reuters, Thomson Locations: Bengaluru

☆ Third quarter is a key time for extreme weather events. Here's what to expect for exposed stocks
▼ + stars: | 2023-07-04 | by ( Alex Harring | ) www.cnbc.com time to read: +7 min

The third quarter is a key time for extreme weather events. An El Niño weather pattern is widely expected for 2023. "Following three years of La Niña, climate scientists expect 2023 to have El Niño conditions with near-100% certainty given current signals," Karp said in a note to clients last month. Insurers are also among the stocks to typically move in relation to extreme weather events. This year should be a fairly typical one for hurricanes, as El Niño is typically linked to a less severe season.

Persons: Nature, —, Sophie Karp, La, Karp, El, bode, Morgan Stanley, Andrei Stadnik, Stadnik, Matthew Carletti doesn't, hasn't, Jefferies, Yaron Kinar, Brown, Arthur J, Gallagher, Aon, Niño, Generac, Aaron Jagdfeld, Bob Huang, bullish, — CNBC's Michael Bloom Organizations: National Oceanic, Atmospheric Administration, Energy, DTE Energy, WEC Energy, CNBC Pro's, WEC, Xcel Energy, Portland General Electric, Edison International, CenterPoint, Southern Company, Duke Energy, Nextera Energy, El, Insurance Australia Group, Suncorp, Arch Capital, Everest Re, Bloomberg, Arch Locations: El, Canada, U.S, Gulf, Pacific Northwest, California, Michigan, Avista, Portland, American, Mexico, CenterPoint Energy, Bermuda, Texas

☆ Australia's Suncorp forecasts rise in FY24 natural hazard costs amid La Niña
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

It now sees the natural hazard allowance for fiscal 2024 to increase to A$1.36 billion ($907.4 million), as compared with A$1.16 billion set aside for fiscal 2023, Suncorp said. read moreGroup natural hazard experience for fiscal 2023 is expected between A$1.25 billion and A$1.28 billion, the company added. Suncorp intends to maintain its underlying insurance margin within a 10% to 12% range, as it continues to reflect increased input costs, the company said in a statement. "We continue to see a significant reassessment of risk... which reflects elevated natural hazard activity in recent years... ($1 = 1.4993 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Johnston, Roushni Nair, Shailesh Organizations: Suncorp, New Zealand, Thomson Locations: Australia, New, Bengaluru

☆ Australia's IAG cash earnings jump 27% on growth across key businesses, dividend steady
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Insurance Australia Group (IAG.AX) reported a 26.7% jump in its first-half cash earnings on Monday, boosted by volume growth across its key businesses that helped offset the ongoing impact of higher inflation on claims costs. The insurer said GWP growth was driven by rate hikes, to offset the high inflation in the supply chain, as well as customer number growth in the home and motor portfolios. read moreThe insurance giant's natural perils costs ballooned to A$524 million following the severe weather events across multiple states in Australia during the period. read moreCash earnings for the six months ended Dec. 31 came in at A$223 million ($154 million), compared with A$176 million in the prior corresponding period and a Refinitiv estimate of A$464 million. Australia's top general insurer declared an interim dividend of 6 Australian cents per share, the same as in the prior corresponding period.

☆ Australian insurers receive over 8,000 claims after New Zealand floods
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

As of Monday morning, Suncorp's Vero and AA Insurance brands have received about 3,000 claims, while IAG's AMI, State and New Zealand Insurance brands have obtained over 5,000 claims. Both the insurers expect the number of claims to rise further over the coming days, as the event continues to unfold and customers identify damages. IAG received 24,000 claims in the first three days of flooding in Sydney and across the New South Wales state last year. Local New Zealand insurers have yet to provide any details on claims received. ($1 = 1.5427 New Zealand dollars)($1 = 1.4085 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand's Auckland expected to receive further rains as flooding remains
▼ + stars: | 2023-01-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/2] An area flooded during heavy rainfall is seen in Auckland, New Zealand January 27, 2023, in this screen grab obtained from a social media video. A state of emergency remains in place in Auckland and further south in regional Waitomo. "There has been very significant damage across Auckland," New Zealand new Prime Minister Chris Hipkins told state-owned television station TVNZ Monday. Metservice has issued an updated Heavy Rain Warning for Auckland and Great Barrier Island for 12 hours from Jan. 31 at 6pm (0700 GMT). Auckland Council said if rain continues at this pace there will be further flooding and landslides are expected.

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