First it was Macquarie Group, and now big Queensland insurer Suncorp has moved to change its corporate structure.
Suncorp has announced to the Australian Securities Exchange (ASX) that it will ask shareholders to approve a non-operating holding company structure as the “the next logical step in the group’s simplification agenda”.
Confirming the company’s intentions, Suncorp chairman John Story attributed the move in part to its merger with Promina.
“The internal reorganisation of our existing businesses under a non-operating holding company is the next phase in this process and would provide the group with a number of benefits,” he said.
Under the new structure, a new ASX-listed parent non-operating holding company called Suncorp Group Limited would be established with three lines of business — general insurance, banking and life insurance — being aligned under separate non-operating holding companies.
