Suncorp Metway has completed the acquisition of the AMP, with the settlement finalised late last week. 

Suncorp remains confident the market will quickly come to see the value of the acquisition once it’s in place. For now, its share price is languishing at 19% below its pre-purchase levels.

MD  Steve Jones said the acquisition will deliver significant economies of scale and a national platform for growth.  At the time of the announcement Suncorp predicted that the acquisition would provide a return on equity of 14% in 2004. “We expected to make annualised savings of $80 million by 2004 and we remain confident that these expectations will be met.” 

Suncorp Metway is now Australia’s second-largest general insurance group, with total premium income of approximately $2 billion and more than 3 million customers.