Street TalkSuncorp out of Zurich Australia race: sources
Feb 7, 2022 – 8.34pmSuncorp Group has dropped out of the race to buy Zurich’s Australian general insurance business.
Street Talk understands Suncorp pulled out after it was unable to meet the Swiss insurer’s price expectations and amid concerns over parts of the business,
Street Talk AFR
Sources said Suncorp didn’t want to pay for Zurich’s travel portfolio, among other products.
The Suncorp decision comes ahead of its earnings results due on Tuesday where analysts and investors will be sure to ask about its M&A plans.
Zurich Australian Insurance Limited reported $1.24 billion in direct premium revenue in 2020 and $1.4 billion one year earlier.
Net premium revenue was worth $935.8 million in the 2020 calendar year.
Street TalkSuncorp out of Zurich Australia race: sourcesAnthony...
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