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Suncorp and QBE announced dividends amid life insurance hearings

  • September 18, 2018 04:26 AM AEST
  • Team Kalkine
Suncorp and QBE announced dividends amid life insurance hearings

Suncorp Group Limited (ASX: SUN)

Last week, Suncorp’s life insurance arm was under the spotlight in Hayne Royal Commission’s hearing. The commission heard that Suncorp Life had the highest level of surveillance for both physical and mental health claims along with more than 4% of claims rejection for total life insurance, thus making it to be the highest rate of rejected claims among all other insurers.

Gold MTF non-AMP

Meanwhile, the Suncorp Group lately announced the dividend for the period of quarter ending December 16, 2018. The announcement includes the three distinct amounts of dividend declared by the insurance group for its three respective class of securities, i.e. SUNPG, SUNPF and SUNPE.

 In respect of SUNPG, the Board has declared $0.9727 of dividend per security at a distribution rate of 3.90% p.a. This reflects a fully franked dividend for the period of 91 days, payable on December 17, 2018 with the record date of December 3, 2018. Ex-dividend date is November 30, 2018. While for SUNPF and SUNPE, the company has announced $1.0512 and $0.929 fully franked dividend per security, respectively. The distribution rate for SUNPF was 4.22% and for SUNPE it was 3.73% p.a. however, the payment and record dates remain the same as SUNPG.

In the FY18 result announcement, the company has posted $1,059 million of NPAT, down 1.5% from $1,075 million in FY17. In the release of full year results for the period ended 30 June 2018, the company has anticipated the top line growth of 3-5% in the fiscal year 2019.

The annual general meeting of the Suncorp Group is due to be held in Brisbane on 20 September 2018. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

With this update, Suncorp’s stock has surged by 0.767% to $14.450 on 17 September 2018 and further moved up to $14.495 on September 18 post mid-day trading. There has been the performance change of +13.74% over the past one year, while the stock is currently trading at PE of 17.450 x with the market capitalization of $18.62 billion.

QBE Insurance Group Limited (ASX: QBE)

QBE Insurance Group recently announced the dividend of $0.22 per security for the six months ended 30 June 2018. The dividend is franked to 30% and is scheduled for payment on October 5, 2018. The company has also declared the Dividend reinvestment plan at a DRP price of $10.94 per security. The last date to participate in the plan was September 13, 2018.

Also, there has been change in substantial holding of the Director. Last week, the company informed Director William Marston Becker acquired 3,093 shares on-market at $10.94 per share. This makes his total holding to 1,36,985 shares.

QBE is an Australia-based international property and casualty insurance company. Formed in 1970, the group is engaged in the risks reinsurance and underwriting of general insurance activities across North America, the United States of America, Europe and Australia and New Zealand.

The QBE Insurance’s stock surged 1.753% to $11.030 on 17 September 2018 and was edging up further on September 18. The stock has seen a performance change of +3.24% over the past one year however, in the last three months there has been an improvement of 16.56% in the performance.

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