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The history of Suncorp Group began in 1902, when the Queensland Agricultural Bank was opened. It provided loans to farmers during a period of severe drought. In 1986, the bank was transformed into the Queensland Industry Development Corporation. The new structure focused on financing small and medium-sized businesses.

At the same time, since 1916, the State Accident Insurance Office had been developing and later became known as SGIO. In 1985, the organization received a new name, Suncorp. It provided insurance, pensions, and financial services, and managed assets worth about $10 billion.

The third component of the future group was Metway Bank. It grew out of a building society founded in 1959. By the early 1990s, the bank had assets exceeding seven billion dollars and was expanding beyond Queensland.

On December 1, 1996, Suncorp, QIDC, and Metway Bank merged. As a result, the Suncorp Metway Group was created. It became the fifth-largest financial organization in Australia. By 1999, the brand was fully integrated, and the government’s stake was reduced to four percent.

In 2002, the group simplified its name to Suncorp. In 2007, the merger with Promina Group was completed. The deal was valued at $ 7.9 billion. The combined company became a diversified entity with assets of about $73 billion and a customer base of over 7 million people.

In 2022, the company announced the sale of Suncorp Bank to ANZ. The deal, worth 4.9 billion dollars, was completed on July 31, 2024. After the sale, the company focused on the insurance business, the development of digital platforms, and the implementation of artificial intelligence technologies. The plan for 2025–2027 provides for investments totaling 560 million dollars in digitalization. The company expects to maintain a margin between ten and twelve percent.