The board of Administradora de Fondos de Pensiones y Cesantfas Protecci=n S.A. (BVC:PROTECCION) intent to spin-off Asulado Seguros de Vida on October 28, 2022. Asulado Seguros de Vida will have its main domicile in Medellfn and will operate throughout Colombia. It was also agreed that the beneficiary company, Asulado, will be an insurance company that will operate the branches of pension insurance and life annuities.

The legal entities that intend to form the company are Sura Asset Management, Caja Colombiana de Subsidio Familiar (Colsubsidio), Cornerstone LP, Bancolombia, Fiduciaria Bancolombia, Credicorp Capital Fiduciaria (acting as spokesperson of the autonomous patrimony FAP Acciones Protecci=n), Fundaci=n Suramericana and Bancolombia Investment Banking, which are part of the current shareholder composition of Protecci=n. On October 28, 2022, after an extraordinary shareholders' meeting of Protecci=n, it was decided that the administrator would transfer en bloc, without dissolving, part of its assets to create the insurance company. No liabilities will be transferred. The shareholders of Protecci=n on the business day immediately prior to the completion of the spin-off will have the right to receive shares of the beneficiary company and their participation in the capital of the latter will be identical to the one they have in Protecci=n. The spin-off will be completed once the required authorizations are obtained, and Protecci=n will continue to develop the activities inherent to its corporate purpose.