• Follow us

Australia News

Suncorp halts unclear marketplace strategy

Suncorp is halting its so-called marketplace strategy to refocus on banking and insurance, admitting its former chief executive's plan had confused customers.

Announcing an 83.5 per cent fall in full-year profit, Suncorp acting CEO Steve Johnston said the company had been too ambitious and failed to explain what it had been trying to achieve.

"Clearly there are areas where we haven't got it 100 per cent right or we haven't clearly explained our intent," Mr Johnston said on Wednesday.

"The more aspirational elements of the marketplace component of our strategy and the associated third-party revenues that were assumed to flow from those activities were too ambitious relative to where our business is at and the funds that we have available to invest."

Customer marketplace boss Pip Marlow will quit at the end of August, with 15-year company veteran Lisa Harrison leading a new customer and digital unit.

Suncorp will align its Australian contact centres, stores and intermediary distribution teams with its banking and insurance operations.

Suncorp recorded an $899 million loss on the sale of its life insurance business to Japan's TAL Dai-ichi Life, a one-off hit entirely responsible for the big fall in profit.

Stripping out one-off items, full-year cash profit rose 1.1 per cent to $1.115 billion, with revenue from continuing operations rising 9.65 per cent to $15.6 billion.

The company confirmed it would hand another $506 million back to shareholders from the sale of the life unit.

Suncorp, which has already distributed $104 million from the sale in the form of an 8.0 cent special dividend, announced an additional 39 cents per share capital return for October 24 and a related share consolidation.

The total return to shareholders from the sale of the Australian Life Insurance business will come to $610 million.

Suncorp shares closed 4.8 per cent higher at $13.32.

SUNCORP'S FY19 FIGURES

* Revenue up 9.7pct to $15.6b

* Net profit down 83.4pct to $175m

* Final dividend up 4.0 cents to 44 cents, fully franked

Read More



Leave A Comment

More News

AAP National | News.com.au

Army may fight Amazon fires: Bolsonaro New! 2019-08-23 14:05:15Brazil's President Jair Bolsonaro says the army may be enlisted to help combat fires sweeping through the Amazon rainforest, as calls mount for tough

Rail boss blames ‘Frankenstein’ network New! 2019-08-23 14:05:15The CEO of Sydney trains has blamed the “archaic” system and “Frankenstein” infrastruture for Friday’s train chaos, sayi

Fashion labels make G7 environment pledge New! 2019-08-23 14:05:15Major fashion companies from around the world say they have signed a pact which they will present at this week's G7 summit to help protect the enviro

Syria seizes rebel territory: state media New! 2019-08-23 14:05:15Syrian army troops have seized a pocket of territory in the northwest where they had encircled rebels and advanced on a Turkish military post on Frida

US billionaire donor David Koch dies New! 2019-08-23 14:05:15Billionaire industrialist David Koch, a driving force behind conglomerate Koch Industries who as one of the world's richest people became a major fin

Protesters Join Hands in Attempt to Form Human New! 2019-08-23 14:05:15Protesters in Hong Kong joined hands in an attempt to form a human chain across the city on August 23, emulating the Baltic Way demonstration on its 3

Dreamworld unveils new $50m investment to rejuvenate park New! 2019-08-23 14:05:15Dreamworld has unveiled its new Sky Voyager attraction on the Gold Coast along with a $50 million investment into the theme park. Stage one will incl

NSW parliament to hold conference encouraging more women New! 2019-08-23 14:05:15A conference will be held at New South Wales' parliament house in Sydney on Friday, bringing together MPs and women hoping to pave a way for themselv

China hikes tariffs $75bn of US goods New! 2019-08-23 14:05:15China has announced tariff hikes on $US75 billion ($A110 billion) of US products in retaliation for President Donald Trump's planned increase, deepen

Spying accused to remain in Moscow jail New! 2019-08-23 14:05:15A Moscow court has ruled to keep an American man suspected of spying in prison for two more months.

RAW: Damaged train hatch leads to commuter chaos New! 2019-08-23 05:05:10August 23, 2019. Sydney Trains Chief Executive Howard Collins and Sydney Trains Executive Director Engineering and Maintenance Stewart Mills speaking

Onboard Endeavour: Trials and tribulations of the high New! 2019-08-23 05:05:10There is a magnificence about tall ships, the grande dames of the nautical world, who parade the oceans like haughty queens, their sails imbuing them

Sydney Morning Herald RSS

The future is here – and it's looking New! 2019-08-23 10:09:00Put away that crystal ball. The technology to make your life better – and perhaps even longer – already exists.

Father's Day gifts: from cool to collectible New! 2019-08-23 10:08:00Still searching for a gift that won't be forgotten? Our Father's Day gift guide is here to help.

Tales tall and true: great reads for Father's New! 2019-08-23 10:07:00Still looking for that perfect present? Fear not. Every dad loves a good book.

The Australian couple fighting the world's greatest health New! 2019-08-23 10:06:00Priscilla and Geoff Rogers met at university at 20. Now 33, the competitive couple – who can’t play squash together – are working to

Black Lives Matter activist DeRay Mckesson: "I’d only New! 2019-08-23 10:05:00The US civil rights activist talks bodies, money and religion

How to kick-start your qi: Japan's most dangerous New! 2019-08-23 10:03:00Avoid quarrels. Cultivate inner strength. Focus. This karate expert is a force for peace.

Overseas students have delivered a cash bonanza to New! 2019-08-23 10:01:00Australian universities have been accused of compromising standards, cosying up to foreign governments, and unintentionally creating national security

Make builders and designers liable for flat defects New! 2019-08-23 10:00:00The law makes unit buyers liable for the faulty work of others. To prevent another Mascot Towers fiasco, hand liability back to those who can manage t

To save a species, scientists have a radical New! 2019-08-23 10:00:00It has led geneticists from Zoos Victoria to a difficult decision. To save a dying species, they are going to change its genes.

Planning top brass unaware of Premier's new 'vision' New! 2019-08-23 10:00:00Gladys Berejiklian spruiked her new "vision" for Pyrmont, five days after senior planning officials said they were unaware of any plans to transform

Is closing the Confucius program a xenophobic reaction? New! 2019-08-23 10:00:00Despite finding no evidence of "actual political influence", the NSW Department of Education will remove the Confucius program from public schools.

Michaela Dunn deserves our sympathy as a victim. New! 2019-08-23 10:00:00Kaera Douglas was the victim of domestic violence before being shot in a city street. But she and other women are too often judged by another standard

AdelaideNow | Daily

Go West for value New! 2019-08-23 14:04:35IMAGINE forking out less than $100,000 for a home. Pretty great, right?

Protesters Join Hands in Attempt to Form Human New! 2019-08-23 14:04:35Protesters in Hong Kong joined hands in an attempt to form a human chain across the city on August 23, emulating the Baltic Way demonstration on its 3

Dreamworld unveils new $50m investment to rejuvenate park New! 2019-08-23 14:04:35Dreamworld has unveiled its new Sky Voyager attraction on the Gold Coast along with a $50 million investment into the theme park. Stage one will incl

Fire Breaks Out at Tower Block Near Grenfell New! 2019-08-23 14:04:35Firefighters responded to a fire at Markland House, a tower block less than half a mile from Grenfell Tower, on Friday, August 23. The Metropolitan Po

Illinois Police Traffic Stop Turns Into Marriage Proposal New! 2019-08-23 14:04:35A motorist in Oswego, Illinois, made the most of a recent police traffic stop when he proposed to his partner. According to an Oswego Police Departmen

Top chef nearly chopped off hand New! 2019-08-23 14:04:35Michelin-starred chef Bruno Loubet recalls his terror when he nearly died after sawing through his left hand, severing arteries, tendons and nerves.

Sports Now: Around the grounds New! 2019-08-23 14:04:35Australia has been blown away by Jofra Archer as England took control of the third Ashes Test, basketball fans including Russell Crowe were left fumin

Fast News: Today’s top stories New! 2019-08-23 14:04:35The Prime Minister has used his official visit to Vietnam to declare his support for the sovereignty of Indo-Pacific nations, the Queensland oppositio

Colourful characters and cool costumes New! 2019-08-23 14:04:35CHILDREN from across the state have celebrated the wonders of literature this week, as they dressed up in their favourite characters to show their lov

‘We Are Like Rats’: As Global Leaders Descend New! 2019-08-23 14:04:35Biarritz, a picturesque French seaside town of 25,000 people, is set to take center stage on Saturday, August 24, as world leaders arrive for the G7 s

RAW: Damaged train hatch leads to commuter chaos New! 2019-08-23 05:04:42August 23, 2019. Sydney Trains Chief Executive Howard Collins and Sydney Trains Executive Director Engineering and Maintenance Stewart Mills speaking

Onboard Endeavour: Trials and tribulations of the high New! 2019-08-23 05:04:42There is a magnificence about tall ships, the grande dames of the nautical world, who parade the oceans like haughty queens, their sails imbuing them

NT News and Galleries | NT

Croc fight: Dominator vs Brutus New! 2019-08-23 14:03:06Adelaide River crocs Dominator and Brutus clash in vicious fight.

First ever Darwin sports camp gives deaf kids New! 2019-08-23 14:03:06BEING a kid is not always easy and when you can’t hear what’s going on around you and none of the other kids know how to sign, it can be a

Discover CDU open day 2019 New! 2019-08-23 14:03:06Promotional video for the Discover CDU open day 2019.

Nine-year-old fighting for life after being submerged in New! 2019-08-23 14:03:06Set Snr Sgt David Miles speaks after 9-year-old pulled from Ross River.

Amazing NT News deal: $5 a month* (min. New! 2019-08-23 14:03:06FOR a limited time only, new customers can subscribe to ntnews.com.au for $5 a month for the first three months (minimum cost $5).

‘Risk of loss of life’ downgraded in Fly New! 2019-08-23 14:03:06BUSHFIRES NT has downgraded an urgent fire warning for the Fly Creek area to “advice”.

Fire at Leanyer Recreation Park New! 2019-08-23 14:03:06A bushfire has broken out at Leanyer Recreation Park. Families were forced to evacuate from the water into the carpark and playground while authoritie

Times are a changin’ in the Territory New! 2019-08-23 14:03:06IN case you hadn’t heard already, times are a changin’ at the NT News!

Strike League Cyclones v Blaze week one highlights New! 2019-08-23 14:03:06Video highlights from the NT Strike League T20 cricket Cyclones v Blaze highlights week one highlights.

Blanc de Blanc Encore preview New! 2019-08-23 14:03:06A snippet of Blanc de Blanc Encore, one of the most anticipated shows in Darwin Festival.

West Australian raider Ihtsahymn has won the Darwin 2019-08-06 13:01:05West Australian raider Ihtsahymn has won the Darwin Cup. The gallant grey stormed home to beat Lotion in the last 100m. Video: Sky Racing

Darwin Cup Carnival 2019-08-06 13:01:05Thousands attended the Great Northern Darwin Cup Carnival.

ABC Radio Australia Pacific

UN votes for better cooperation with PIF but 2019-08-05 16:00:00With a week to go until the annual Pacific Islands Forum meeting, the UN General Assembly has adopted a resolution on enhancing the UN's cooperation

Better vigilance needed to help identify PNG and 2019-08-05 16:00:00Australian researchers are calling for greater vigilance along the border between Australia's far north and Papua New Guinea to prevent the spread of

Accusations of racial discrimination follow 'expatriates only' rental 2019-08-05 16:00:00A rental listing for an apartment in the PNG capital has sparked accusations of racial discrimination within the real estate industry in Port Moresby.

Australian shipbuilder "definitely" has Papua New Guinea on 2019-08-05 16:00:00Prime Minister Marape's invitation to Australian ship builder Austal to consider setting up a business in PNG is being given serious consideration. A

Pacific Beat: Tuesday 2019-08-05 16:00:00On the program: Why China and Indonesia are among a handful of countries to abstain in a vote at the UN General Assembly about its cooperation with th

Questions remain as Samoan nurses jailed over infant 2019-08-04 16:00:00Questions remain over the state of Samoa's health system after two senior nurses were sent to jail, found guilty of the manslaughter of two babies wh

PNG's Mt Ulawun volcano erupts for second time 2019-08-04 16:00:00The Mount Ulawun volcano in Papua New Guinea erupted again on the weekend — its second major explosion in just over a month, with reports ash wa

Pacific Beat: Monday 2019-08-04 16:00:00On the program: As PNG and Australia agree to work on a timeline for ending offshore detention, asylum seekers head back to the courts this week, and

Concerns over mental health of Fiji's private military 2019-08-01 16:00:00The UN's International Labour Organisation says more must be done to address the harmful psychological impacts that are being experienced by Fiji's

Fiji government accused of 'turning blind eye' to 2019-08-01 16:00:00Fiji's opposition leader accuses the government of "turning a blind eye" to allegations of forced labour, torture and illegal detention happening i

Pacific Beat: Friday 2019-08-01 16:00:00On the program: There are growing calls for Fiji authorities to act immediately in the case of Grace Roads, a South Korean church that many claim to b

WHO reports progress in anti-tobacco policy in 2019-08-01 16:00:00The World Health Organization has praised seven Pacific countries for making progress in strengthening anti-tobacco legislation but some countries are


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.