Suncorp Group Ltd: Key takeaways - Reinsruance, Investment income, Perils, GWP Guidance

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Suncorp Group Ltd: Key takeaways - Reinsruance, Investment income, Perils, GWP Guidance

J P M O R G A N Asia Pacific Equity Research

03 July 2026

Suncorp Group Ltd Neutral

SUN.AX, SUN AU

Key takeaways - Reinsruance, Investment income, Price (02 Jul 26):A$19.35

Perils, GWP Guidance Price Target (Jun-27):A$19.40

Suncorp today provided an update on their FY26 perils experience, FY26 Australia

investment experience, FY27 reinsurance renewals and FY26 GWP experience.

Insurance and Diversified Financials

We show below how this compares with our expectations. On balance, this appears

favourable vs. JPMe for FY26 reported numbers due to better than expected Siddharth Parameswaran AC

investment income – but perhaps very slightly worse in terms of implications into (61-2) 9003-8629

siddharth.x.parameswaran@jpmorgan.com

FY27 on consensus – due to increases in perils allowances, reinsurance costs and J.P. Morgan Securities Australia Limited

weak GWP.

• GWP growth very slightly softer than JPMe: FY26 guidance now at 2.7%

vs. JPMe at 2.9%.

• Reinsurance - In line / mixed:

• Aggregate programme for FY27 onwards: as announced – SUN says

they have entered a five-year aggregate reinsurance arrangement starting

30 June 2026, providing $800 million of protection annually, up to $2.4

billion total over five years. The attachment point for the new cover is

slightly above the natural hazard allowance, set at $1,850 million for FY27,

indexed to Suncorp’s exposure growth. Expected to cap losses at

attachment point 90% of the time.

• Catastrophe programme for FY27: Appears good. MER at $350m for 1st

and 2nd large event. Catastrophe protection up to $6.4bn vs. $6.3bn in FY26.

• FY27 Reinsurance programme Cost – no relief – perhaps a little worse