Suncorp Metway formed in 1996 when the Queensland Government owned Suncorp and QIDC entities were merged into the publicly listed company Metway Bank to create the new allfinanz group. At the time of the merger, SUNCORP was 100% Queensland Government owned and was operating as an all finance group with approximately $10 billion in assets. SUNCORP commenced business in 1916 as the State Accident Insurance Office.

Suncorp is Australia's third largest general insurance group. Suncorp acquired AMP/GIO General Insurance in 2001 and AMP Ltd's 50 percent shareholdings in motor club insurance joint ventures in RACQ (Queensland) and RAA (South Australia). Both of these joint ventures hold substantial market shares in their respective states. These businesses run independently and in competition with Suncorp's existing general insurance business.

Following the merger with Promina, Suncorp now serves more than 6 million general insurance customers throughout Australia and New Zealand and provides personal and specialised insurances through well known brands such as AAMI, Apia, Shannons and Just Car in Australia and Vero in New Zealand.