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Suncorp announces A$506M shareholder distribution, dividend increase

The board of Suncorp Group Ltd. proposed a A$506 million capital return with related share consolidation to distribute the remaining surplus capital from the sale of its Australian life insurance business to ordinary shareholders.

The proposed shareholder distribution of 39 Australian cents per share will be combined with a related share consolidation accretive to EPS. If approved, the capital return will be made Oct. 24.

The expected consolidation ratio is 0.9710. If approved by shareholders, it will lower the number of shares on issue by about 2.9%.

Suncorp also declared a fully franked final dividend of 44 cents per fully paid ordinary share for the period ended June 30, an increase from the 40 cents announced for the year ending June 30, 2018. The final dividend will be paid Sept. 25.

The company also established a customer and digital function, which will be responsible for its group, customer and digital strategy, digital distribution, brand and marketing and its enterprise portfolio management office.

The new customer and digital function will be led by Lisa Harrison, who was appointed chief customer and digital officer. Harrison was chief program excellence officer at the company.

Following the change, Pip Marlow is stepping down as CEO of customer marketplace, effective at the end of August.