Suncorp Group Limited · ASX:SUN
Suncorp — Debt Investor Presentation (April 2024)
28 slides from Suncorp's debt investor presentation, Apr 16, 2024
Slide 1: Investor Presentation Capital Notes 5
Suncorp Group Limited For personal use only Investor Presentation Capital Notes 5 (and Capital Notes 2 Reinvestment Offer) 16 April 2024 SUNCORP GROUP LIMITED ABN 66 145 290 124
Slide 2: Important Information and Disclaimer
Investor presentation | Capital Notes 5 1 Important Information and Disclaimer This presentation has been prepared and authorised by Suncorp Group Limited (ABN 66 145 290 124) (Suncorp) in relation to the proposed offer by Suncorp of Suncorp Capital Notes 5 (Capital Notes 5) to raise $300 million wi
Slide 3: Agenda
Investor presentation | Capital Notes 5 2 Agenda For personal use only Section 1 Offer summary 4 Section 2 About Suncorp Group 9 Section 3 Capital Notes 5 key features 17 Section 4 Offer process 22
Slide 4: Offer summary
For personal use only Investor presentation | Capital Notes 5 3 Offer summary
Slide 5: Offer summary
Investor presentation | Capital Notes 5 4 Offer summary Issuer Suncorp Group Limited (ABN 66 145 290 124) (Suncorp) Instrument Non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes (Capital Notes 5) For personal use only Offer size $300 million with the abil
Slide 6: Ranking of Capital Notes in a winding up of Suncorp Group
Investor presentation | Capital Notes 5 5 Ranking of Capital Notes 5 in a winding up of Suncorp Group For personal use only Type Illustrative examples Higher ranking Preferred and secured debt Liabilities preferred by law including employee entitlements and secured creditors Unsubordinated and unsec
Slide 7: Capital Notes key features
Investor presentation | Capital Notes 5 6 Capital Notes 5 key features For personal use only Issue Date Potentially Optional Exchange Date Mandatory Conversion Date 14 May 2024 Perpetual Each Distribution Payment 17 June 2030 17 September 2030 17 December 2030 17 December 2032 Date after 17 December
Slide 8: Comparison between Capital Notes and other capital notes
Investor presentation | Capital Notes 5 7 Comparison between Capital Notes 5 and other capital notes Suncorp Capital Notes 2, Suncorp Capital Notes 5 Capital Notes 3 and Capital Notes 4 Issuer Suncorp Group Limited Suncorp Group Limited For personal use only Legal form Unsecured, subordinated debt U
Slide 9: About Suncorp Group
For personal use only Investor presentation | Capital Notes 5 8 About Suncorp Group
Slide 10: Suncorp overview
Investor presentation | Capital Notes 5 9 Suncorp overview Suncorp Group Limited (Suncorp) is a top 50 ASX-listed company by market capitalisation (ASX: SUN). Suncorp provides insurance and banking products and services to retail and business customers through four operating businesses – Consumer In
Slide 11: Suncorp Group's operating businesses
Investor presentation | Capital Notes 5 10 Suncorp Group’s operating businesses Issuer1 Suncorp Group Limited For personal use only Type of products Banking General Insurance Life Insurance Suncorp Bank2 Banking Commercial and Personal Insurance3 Consumer Insurance Injury Insurance General Insurance
Slide 12: 1H24 Group result
Investor presentation | Capital Notes 5 11 1H24 Group result For personal use only Strong top line growth and guidance Profit after tax from functions reiterated Consumer $203m ( 534.4%) Commercial & Personal Injury $194m ( 16.0%) ― Strong top-line growth across the Group reflecting customer growt
Slide 13: 1H24 result snapshot
Investor presentation | Capital Notes 5 | 12 1H24 result snapshot Consumer For personal use only Gross written premium Home Consumer Home Consumer Motor Gross Written Premium 12.0% Gross Written Premium 18.2% Commercial Insurance Ex-CTP 16.2% New Zealand Gross Written Premium Gross Written Premium 1
Slide 14: Group capital as at December 2023
Investor presentation | Capital Notes 5 | 13 Group capital as at 31 December 2023 For personal use only COMMON EQUITY TIER 1 CAPITAL HELD AT GROUP NOTES ($m) ― $237m of CET1 held at Group ― AASB17 transition and Bank transaction cost impacts are broadly offsetting ― 34 cps fully franked final divide
Slide 15: Pathway to Bank completion and transition
Investor presentation | Capital Notes 5 14 Pathway to Bank completion and transition For personal use only 20 February 2024 mid-2024 FY25 NOTES Tribunal ― On 20 February 2024, the Outcome Australian Competition Tribunal granted authorisation ― Sale remains subject to the amendment of the State Finan
Slide 16: Aligning everyone at Suncorp to core Insurance business
Investor presentation | Capital Notes 5 15 Aligning everyone at Suncorp to core Insurance business For personal use only February 2019 May 2019 October 2019 February 2021 December 2021 March 2022 April 2024 Mid 2024 Sale of the Australian Sale of Resilium Sale of Capital S.M.A.R.T Exited underperfor
Slide 17: Capital Notes key features
For personal use only Investor presentation | Capital Notes 5 16 Capital Notes 5 key features
Slide 18: Distributions
Investor presentation | Capital Notes 5 17 Distributions – Distributions are discretionary, non-cumulative, floating rate payments and are scheduled to be paid quarterly in arrears on the Distribution Payment Dates (subject to certain conditions), as long as Capital Notes 5 remain on issue – Distrib
Slide 19: Optional Exchange Events
Investor presentation | Capital Notes 5 18 Optional Exchange Events For personal use only Suncorp may choose to Exchange: – all or some Capital Notes 5 on an Optional Exchange Date being 17 June 2030, 17 September 2030 or 17 December 2030 Optional Exchange1 – all or some Capital Notes 5 after a Tax
Slide 20: Mandatory Conversion
Investor presentation | Capital Notes 5 19 Mandatory Conversion For personal use only – The Mandatory Conversion Date will be 17 December 2032, provided the Mandatory Conversion Conditions have been satisfied on that date. If any of the Mandatory Conversion Conditions are not satisfied on this date,
Slide 21: Automatic conversion on a Non-Viability Trigger Event
Investor presentation | Capital Notes 5 20 Automatic conversion on a Non-Viability Trigger Event For personal use only A Non-Viability Trigger Event means APRA has provided a written determination to Suncorp that: – the conversion to Ordinary Shares or write-off of Relevant Securities (including Cap
Slide 22: Offer process
For personal use only Investor presentation | Capital Notes 5 | 21 Offer process
Slide 23: Offer structure
Investor presentation | Capital Notes 5 | 22 Offer structure Applications for Capital Notes 5 may only be made: – by Retail Investors who are within the Capital Notes 5 Target Market and have received personal advice from a qualified financial adviser to acquire Capital Notes 5 or by investors who a
Slide 24: Reinvestment offer summary
Investor presentation | Capital Notes 5 | 23 Reinvestment offer summary – The Reinvestment Offer provides Eligible Capital Notes 2 Holders with the opportunity to reinvest their Capital Notes 2 Resale Proceeds into Capital Notes 5 For personal use only What is the Reinvestment and maintain an ongoin
Slide 25: Reinvestment offer summary (cont'd)
Investor presentation | Capital Notes 5 | 24 Reinvestment offer summary (cont’d) For personal use only – Option 1 – apply through a Syndicate Broker to reinvest all or some of your Capital Notes 2 in Capital Notes 5 (and may also choose to apply for more Capital Notes 5 through a Syndicate Broker) O
Slide 26: Key dates
Investor presentation | Capital Notes 5 | 25 Key dates1 For personal use only Key dates for the offer Date Announcement of the Offer and lodgement of the Prospectus with ASIC 16 April 2024 Bookbuild period commences for the Syndicate Brokers to determine the Margin 16 April 2024 Announcement of the
Slide 27: Key dates (cont'd)
Investor presentation | Capital Notes 5 | 26 Key dates (cont’d)1 For personal use only Key dates for Capital Notes 2 Holders Date Record Date for determining Eligible Capital Notes 2 Holders for the Reinvestment Offer (7:00pm AEST) 8 April 2024 Opening Date for the Reinvestment Offer 24 April 2024 R
Slide 28: Contact directory
Investor presentation | Capital Notes 5 27 Contact directory For personal use only Suncorp EGM Capital Management Carla Pickford +61 412 887 761 EGM Investor Relations & Corporate Development Neil Wesley +61 498 864 530 Manager Capital Funding & Instruments Emily Roberts +61 422 963 540 Arranger UBS
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