Suncorp Group Ltd (OTCPK:SNMCY)

$ 10.54 0.1659 (1.6%) Market Cap: 13.41 Bil Enterprise Value: 28.96 Bil PE Ratio: 17.52 PB Ratio: 1.47 GF Score: 69/100

Suncorp Group Ltd AASB 17 Update Transcript

Dec 10, 2023 / 10:00PM GMT

Transcript

Jeremy John Robson

Suncorp Group Limited - Group CFO

Okay. Good morning, everyone. It's turned 9:00 by my clock. So we'll kick off the session, and good morning, and welcome, everyone. I'm joined today by Sian Mueller, our CFO Financial Services; and Sian's been with Suncorp since 2020 and has been leading our AASB 17 project.

Now I'd like to emphasize that today's presentation solely relates to the adoption of AASB 17. We'll be updating on our FY '24 performance at our half year results presentation in February, and we'll be limiting our comments today, therefore, to AASB 17 matters.

So I'd like to start by being very clear that the adoption of the new accounting standard will have no impact on the economics of our insurance business. The key changes that AASB 17 will bring can be broadly divided into 2 categories: firstly, measurement changes, which impact the timing of when certain items emerge through the P&L; and in this presentation changes, which impact how certain items are presented in the financial statements.

Now whilst we acknowledge that changes to accounting

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