Corporate Presentation
Grupo SURA
March 2024
This document may contain forward-looking statements | |
related to Grupo SURA and its subsidiaries, which have | |
been made under assumptions and estimates of the | |
management of the Companies and may present | |
variations. | |
For a better illustration and decision making, the figures | |
are administrative and not accounting, for this reason they | |
may differ from those presented by official entities. Grupo | |
de Inversiones Suramericana assumes no obligation to | |
update or correct the information contained in this | |
DISCLAIMER | presentation. |
are converted at an exchange rate of 3,822 COP/USD (at | |
Income Statement figures are converted at an exchange | |
rate of 4,325 COP/USD (average of 4Q 2023), other figures | |
the end of 4Q 2023), only for the purpose of restatement. | |
Variations are calculated based on figures in Colombian | |
pesos. |
Grupo SURA
Preserving the way we do business and value creation
1990 / 2007 | 2017 / 2023 | ||||
1944 / 1990 | 2007 / 2016 | ||||
FOOTPRINT OPTIMIZATION | |||||
LEADERSHIP IN INSURANCE | FINANCIAL SERVICES | INTERNATIONAL EXPANSION | Organic growth: ~ USD 4.0 bn (New revenues 2017 - 2023) | ||
• Increased profitability | |||||
in Colombia | Leader in Colombia | Multi Latin, financial services Group | • Non-strategic divestitures: ~ USD 780* millions | ||
CROSS-EQUITY HOLDINGS | STRUCTURE SIMPLIFICATION | Acquisitions ~ USD +8.8 billion | |||
With companies with aligned | to have a greater focus: | ||||
principles and vision | Non-strategic assets | ||||
20.8% in 2002 to 5.2% in 2008 |
2024 + | Evolution of ownership structure and the focus of |
the investment portfolio on financial services |
*Non-strategic divestitures totaling ~ USD 780 million includes AFP Crecer closed in 2024 and Habitat expected to close in 2024
For almost 80 years we have contributed to the construction of public value, both with our
business activity and with the institutional strengthening and contribution to the public dynamics
in the territories where we are present | 4 |
4 |
Showing positive evolution since 2014 and opportunities for future growth.
CAGR2 | ||||
#3 INSURANCE GROUP OF LATAM ORIGIN | Premiums1 | +18% | ||
USD 7 Bn | ||||
81.1% | Life, P&C and Health | |||
#1 PENSION FUND IN LATAM | AUM1 | +11% | ||
USD 176 Bn | ||||
93.3% | with voluntary savings business | |||
LEADING BANK IN THE REGION | Assets1 | +10% | ||
USD 90 Bn | ||||
46.2% | 24.5% | #1 in Colombia | |||
INFRASTRUCTURE HOLDING IN AMERICA | Revenues1 | +11% | ||
USD 5 Bn | ||||
44% | 33%4 | Cement, concessions and energy | |||
Common shares | Total Shares | |||
- 2023 figures
- Compound annual growth from 2014 to 2023
- Controlling net income in 2023 adjusted for the deferred tax of the Nutresa transaction for USD 140 million, the valuation of derivatives to hedge the OPA price for USD 10 million, the pro forma equity method of Nutresa for USD 22 million, and the impact associated with the sale of the insurance business in Argentina and El Salvador for USD 22 million.
- Illustrative exercise assuming that of the 10.1% to be contributed, 5.0% is contributed by other shareholders participating in the exchange and 5.1% is purchased in cash
and contributed by Grupo SURA and Grupo Argos. With the prior authorization of the SFC, part of the restitutions corresponding to Grupo SURA and Grupo Argos will be
contributed to autonomous patrimonies in which the exercise of voting rights will be suspended. Therefore, control situations will not be configured.
Grupo SURA
Consolidated figures
Revenues1
8.2 Bn
CAGR +13%2
Controlling Net Income 3
536 MM
CAGR +6%2
Controlling
Shareholders Equity
8.0Bn
CAGR +4%2
55
Strategy
G r u p o S U R A
INVESTMENT | W h o w e a r e ? |
MANAGER | We are an investment manager |
SUSTAINABLE | W h a t d o w e w a n t ? | |
PROFITABILITY | Sustainable profitability | |
Generación | Harmonious development | |
de valor | of society | |
H a r m o n i o u s c a p i t a l m a n a g e m e n t | ||
Economic Natural | Human | Social |
H o w d o w e d i f f e r e n t i a t e ?
OWN APPLIED KNOW-HOW | Through our own applied knowledge |
Latin America | |
Aggregate view of our portfolio | |
Financial and related services | |
Best management practices |
STRATEGIC PILLARS | W h a t a r e w e l e v e r a g i n g ? | ||||
In our | |||||
strategic pillars | |||||
Communication and | Financial | Risk | |||
relationship with | Applied research | management | |||
management | |||||
the environment | |||||
Human | |||||
talent | |||||
6 | |||||
OUR CORPORATE PRINCIPLES | RESPONSABILITY | FAIRNESS | TRANSPARENCY | RESPECT |
SURA AM
Investment Manager with the strategic objective of obtaining Sustainable Returns
Financial services footprint
COUNTRIES1
10
CLIENTS1
+ 73 MM
EMPLOYEES1
+ 64K
DIVIDEND SHARE BY | SHARE OF DIVIDENDS |
COMPANY LAST 10 YEARS | BY COUNTRY 2023 |
Grupo Argos | ||
8% | Sura AM | |
Nutresa | ||
34% | ||
11% | ||
Suramericana
14%
Bancolombia
33%
USA | Others | |
Panama | 4% | 9% |
5% | ||
Peru | ||
4% | ||
Mexico | Colombia | |
9% | ||
55% | ||
Chile | ||
14% |
Shareholders3
Other | |
shareholders | |
~70%3 | 51%3 | ~30%3 | 49%3 |
Risk Rating
Local: Fitch AAA
International: Fitch y S&P BB+
1 Figures grouping the financial companies in the portfolio: Suramericana, Sura Asset Management and Grupo Bancolombia
2 Pro forma figures: Expected dividends for 2023 adjusted: 1) excluding Nutresa dividends and 2) higher stake in Grupo Argos due to a final post-transaction scenario (10.1% tender offer half in swap and half in cash) and subsequent liquidation of new portfolio company.
3 Same Tender Offer scenario as 2. With prior authorization from the SFC, part of the restitutions corresponding to Grupo SURA and Grupo Argos will be contributed to autonomous patrimonies in which the exercise of voting rights will be suspended. Therefore, control situations will not be configured.
7
Key financial figures have increased significantly over the long term
Equity | Net income |
51 times
CAGR +19%
0.2 2.3 4.7
2000 | 2010 | 20231 | ||||||
-$10 MM | $159 MM | $536 MM | ||||||
8.0 | ||||||||
6.0 | ||||||||
2000 2005 2010 2015 2023
Book value per share | Net income per share | ||||||||||
2000 | 2010 | 2023 | |||||||||
2000 | 2010 | 20231 | |||||||||
$0.51 / share | $8.83 / share | $12.66 / share | |||||||||
-$0.04 /share | $0.34 / share | $0.97 / share | |||||||||
24 times CAGR 15%
Source: Grupo SURA Annual Reports and Capital IQ
Figures in USD billion except per share figures. Valuation methodologies and multiples have varied over the years.
1 Controlling net income adjusting for the deferred tax of the Nutresa transaction for USD 140 million, the valuation of derivatives to hedge the OPA price for USD 10 million, the pro forma equity method of
Nutresa for USD 22 million, and the impact associated with the sale of the insurance business in Argentina and El Salvador for USD 22 million. | 8 |
Leveraged by improved investment portfolio performance
9.9%10.2%
9.1%9.7%
7.9%
536 | |||||||||||
180 | |||||||||||
2.0% | 480 | ||||||||||
274 | 353 | 326 | 356 | ||||||||
52 | |||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||
Adjustments | Adjusted Controlling Net Income | Adjusted ROE | |||||||||
Figures in USD millions | |
*ROE adjusted for; 1) The amortization of intangible assets resulting from acquisitions are added to net income 2) Equity excludes the valorization of associates and cross-shareholdings between Grupo Argos and Grupo SURA to | |
compare the figures of equity and net income 3) For the calculation of this year's indicator, the non-recurring impacts associated with the Nutresa transaction are added, including deferred tax (USD 142 million) and the valuation of | |
derivatives to cover the value of the takeover bid (USD 10 million), as well as the impacts of the divestment of Argentina and El Salvador (USD 22 million). 4). As of the third quarter, the investment in Nutresa is excluded from equity | |
since the equity method is not being recognized. | 9 |
Accompanied by portfolio diversification and increased contribution from financial services companies
Received dividends by Grupo SURA USD millions
2011 - 2023
6.6x
CAGR 17%
418
11%
7%
260 | ||||||||||||||||||||||||||||||||||
243 | 25% | |||||||||||||||||||||||||||||||||
239 | ||||||||||||||||||||||||||||||||||
220 | ||||||||||||||||||||||||||||||||||
13% | ||||||||||||||||||||||||||||||||||
206 | ||||||||||||||||||||||||||||||||||
10% | ||||||||||||||||||||||||||||||||||
9% | ||||||||||||||||||||||||||||||||||
190 | ||||||||||||||||||||||||||||||||||
181 | 8% | |||||||||||||||||||||||||||||||||
8% | 12% | |||||||||||||||||||||||||||||||||
8% | 8% | |||||||||||||||||||||||||||||||||
7% | 10% | 155 | 25% | |||||||||||||||||||||||||||||||
11% | ||||||||||||||||||||||||||||||||||
139 | 9% | 8% | 29% | |||||||||||||||||||||||||||||||
8% | 9% | 44% | ||||||||||||||||||||||||||||||||
17% | ||||||||||||||||||||||||||||||||||
108 | ||||||||||||||||||||||||||||||||||
36% | 4% | |||||||||||||||||||||||||||||||||
95 | 11% | 52% | ||||||||||||||||||||||||||||||||
3% | ||||||||||||||||||||||||||||||||||
9% | 44% | 41% | 17% | |||||||||||||||||||||||||||||||
14% | 34% | |||||||||||||||||||||||||||||||||
64 | 14% | 35% | ||||||||||||||||||||||||||||||||
11% | 16% | 16% | 50% | 45% | ||||||||||||||||||||||||||||||
12% | 21% | 12% | 11% | |||||||||||||||||||||||||||||||
20% | 27% | 12% | 17% | |||||||||||||||||||||||||||||||
17% | 29% | |||||||||||||||||||||||||||||||||
13% | 8% | |||||||||||||||||||||||||||||||||
13% | ||||||||||||||||||||||||||||||||||
54% | 39% | 37% | 32% | 27% | 23% | 31% | 22% | 23% | 36% | 17% | ||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||
Bancolombia | Suramericana | Sura AM | Grupo Argos | Nutresa | ||||||||||||||||||||||||||||||
Source: Grupo SURA. Figures in USD millions at 4Q23 exchange rate. | 10 |
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Grupo de Inversiones Suramericana SA published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 19:03:05 UTC.