In 1960, new legislation established the SGIO as a separate corporation, and the group became subject to state regulatory oversight.

Under new legislation, the company dropped the SGIO name and became Suncorp, and its employees lost their status as civil servants.

By the mid 1990s, Suncorp was an allfinanz (i.e. with combined banking, financial, and insurance operations) group and had assets of nearly $10 billion.

[6] In the late 1980s, Metropolitan joined the trend among Australia's building societies to expand into becoming full-scale banks.

The Queensland government initially controlled 68 percent of the new company, but quickly made good on its promise to sell most of its stake.

As part of that process, the company also trimmed its retail network, shutting down a number of redundant branches.

It decided to launch itself on a truly national scale, replacing its allfinanz model with a new financial conglomerate strategy.

That purchase made Suncorp-Metway the second-ranked in Australia in terms of income from general insurance in annual premiums.

Suncorp then began preparations for a still larger takeover of insurance giant Promina Group Limited.

[8] Promina was formerly part of the UK-based insurance giant Royal and Sun Alliance until it spun off the business in Australia as a separate public company in 2003.

[13] In the summer of 2013 as European lenders were divesting their loans portfolios, in Australia, hedge funds and investment banks were buying them.

In June 2023, it was announced that remediation of the theft amounted a total $32 million in wages, misappropriated from 15,800 staff.

[17] Suncorp has been granted a MySuper authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.

[22] The Australian Competition Tribunal overturned the decision, and Suncorp sold its banking business to ANZ for 4.1 billion dollars on 31 July 2024.

Suncorp acquired insurance joint ventures with motoring clubs RACQ and RAA in 2001, but chose to divest them in 2010.