Quarter Results |
Presentation |
Grupo SURA |
4Q - 2023 |
The forward-looking statements contained herein are based on Management's current forecasts and outlook, which have been made under assumptions and estimates of the management of the Companies and may present variations.
For better illustration and decision-making, figures for
Suramericana, SURA Asset Management and its
subsidiaries are administrative rather than accounting, and therefore may differ from those presented to official entities. Thus, Grupo de Inversiones Suramericana assumes no obligation to update or correct the
DISCLAIMER information contained in this presentation.
For comparative purposes of SURA Asset Management's financial performance, proforma figures are included, which present the financial results in 2022, assuming that AFP Proteccion would have been reported under a methodology like the one being applied in 2023.
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Grupo SURA closes 2023 with the highest operating profit in its history
Leveraged by higher premiums, commissions, better investment results and lower expense growth than revenue growth
Revenues
18.8 21.3 20.9
35.5
31.4
24.9
Operating profit
4.6
3.7
2.5 | 2.9 | 2.6 |
1.6 |
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
• COP 6.3 trillion of | • 22% growth |
additional revenues in | vs. 2022 |
2023 |
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
• COP 0.9 trillion | • Up 26% vs. 2022 |
more than in 2022 |
Figures in COP Trillions | 4 |
Adjusted net income for 2023 reached COP 2.7 Bn
Mainly explained by the growth of SURA AM and Suramericana
Net income
2,736 | |||||||||
2,345 | 119 | ||||||||
682 | |||||||||
1,719 | 1,525 | ||||||||
1,455 | 1,935 | ||||||||
336 | |||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||
Transacción Nutresa | Transacción Ar y Sal | ||||||||
Controlling net income
2,318 | ||||||||
2,075 | ||||||||
97 | ||||||||
1,526 | 682 | |||||||
1,409 | ||||||||
1,187 | ||||||||
1,540 | ||||||||
225 | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
Transacción Nutresa | Transacción Ar y Sal | |||||||
- Net income closed at COP 1.9
trillion
- Adjusting for non-recurring items for comparability and to reflect business performance, it stands at
COP 2.7 trillion (+17%)
- Controlling net income closed at
COP 1.5 trillion
- Adjusted controlling interest net income COP 2.3 trillion
(+12%) vs. projection of
10% - 15%
Figures in COP billions | 5 |
Portfolio Management
During 2023 Grupo SURA and its subsidiaries conducted a portfolio focalization in participations, industries and regional presence.
Nutresa - Grupo SURA Exchange
- Exchange: Nutresa + Cash for Grupo SURA's own shares and those of Sociedad Portafolio.
- Completed the first stage of the exchange of Nutresa shares for 27.8% of the common shares (22.4% of the total shares) of Grupo SURA.
- Tender offer filed on February 16.
- We have the necessary resources from cash and financing operations.
Acquisition of 9.74% SURA AM
- Acquisition of 9.74% of SURA AM for COP 1.6 trillion by Grupo SURA from Grupo Bolivar.
- The acquisition will be paid in three installments with resources coming from 33% of SURA AM's extraordinary dividends and 66% of available resources and financing.
Portfolio
focus
Suramericana - Argentina and El Salvador
The closing of both transactions was completed during the last quarter, for a
total value of USD 62.7 million.
Hábitat
Sale of total 82.7% interest in company specializing in housing and senior care services.
SURA AM - AFP Crecer
Protección announced the sale of its entire stake in AFP Crecer in El Salvador, for which it received a total of approximately USD 80 million (including price and other compensation).
6
Highlights
S&P Global Sustainability
Yearbook
Grupo SURA was the only
Latin American company in the Diversified Financial Services industry to be included in the Dow Jones Sustainability World Index, ranking in the top 2% sector and being part of this publication consecutively since 2010.
Rating
In January, Fitch Ratings ratified our international rating at BB+ and our local
rating at AAA, highlighting a
solid investment portfolio
that is reflected in the growth
of dividends in recent years and adequate financial flexibility.
7
Suramericana
4Q - 2023
Adjusted net income increased 29% in 2023
As a result of the good operating performance of Property and Casualty and Life in addition to higher investment income
WRITTEN PREMIUMS
+14% | |||
25,036 | 28,543 | ||
+5% | |||
7,338 | 7,696 | ||
4Q22 | 4Q23 | Dec 22 | Dec 23 |
INVESTMENT INCOME
TECHNICAL RESULT | ||||
-2% | Claims ratio.* | |||
1,748 | 1,719 | 73.1% | ||
-8% | ||||
vs 71.5% Dec 2022 | ||||
556 | 512 | |||
Adjusted ROE LTM | ||||
4Q22 | 4Q23 | Dec 22 | Dec 23 | 10.5% |
NET INCOME | vs 9.3% Dec 2022 | |||
+51% | 2,444 | ||
+12% | 1,620 | ||
512 | 573 | ||
4Q22 | 4Q23 | Dec 22 | Dec 23 |
Figures in COP billions
* Claims ratio: Retained claims / earned retained premiums
+29% | |||
+5% | 631 | ||
-60% | |||
-67% | 490 | 512 | |
94 | |||
236 | 79 | ||
4Q22 | 4Q23 | Dec 22 | Dec 23 |
Growth % excluding the effects of the sale of Argentina and El Salvador for COP 104 billion
Normalized net income excluding sales effects of Argentina and El Salvador
Adjusted ROTE LTM
13.3%
vs 11.9% Dec 2022
Adjusted ROE: LTM Adjusted Net Income excluding sales | |
effects Argentina and Salvador/ Average Parent Company | |
Equity 4Q22 to 4Q23 | |
Adjusted ROTE: Adjusted Net Income LTM excluding sales | |
effects Argentina and Salvador/ Average Tangible Equity | |
4Q22 to 4Q23 | 9 |
Life segment premiums grow 13% in 2023
While 4Q growth stands at 8.1%
Investment income
Premiums
Claims rate
Net income
- Up 13% in 2023 closing at COP 8 trillion.
- Increased 8% in 4Q driven by Healthcare, ARL, and new business in Chile.
- Closes at 67.1% in 2023, an increase of 404 bps.
- Reached 67.7% in the quarter, an increase of 12.3% pp due to the constitution of extra- longevity reserves in ARL.
- For the year it closed at COP 843 billion, up 28%, while for the quarter it closed at COP 111 billion, impacted by higher reserves.
1,803 | |||
1,247 | |||
362 | 428 | ||
4Q22 | 4Q23 | Dec 22 | Dec 23 |
Figures in COP billions
* Claims ratio: Retained claims / earned retained premiums
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Grupo de Inversiones Suramericana SA published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 15:25:04 UTC.