SEPARATE

FINANCIAL STATEMENTS

GRUPO DE INVERSIONES SURAMERICANA S.A.

Cra. 43A #5A - 113

Medellín, Colombia

de hs

1 | GRUPO SURA

SEPARATE FINANCIAL STATEMENTS

TABLE OF CONTENT

NOTE 1. REPORTING ENTITY

22

NOTE 2. BASIS OF PRESENTATION OF SEPARATE FINANCIAL STATEMENTS AND

SIGNIFICANT ACCOUNTING POLICIES

22

2.1. Statement of compliance

22

2.2. Basis of presentation

23

2.3. Significant accounting policies

23

2.3.1. Cash and cash equivalents

24

2.3.2. Financial instruments

24

2.3.3. Taxes

28

2.3.4. Investments in subsidiaries and associates

29

2.3.5. Non-current assets held for sale and discontinued operations

31

2.3.6. Employee benefits

31

2.3.7. Provisions and contingencies

33

2.3.8. Income

33

2.3.9. Earnings per share

33

NOTE 3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND CAUSES OF

UNCERTAINTY IN THE PREPARATION OF THE FINANCIAL STATEMENTS

34

NOTE 4. NORMS ISSUED NOT EFFECTIVE YET

38

NOTE 5. FINANCIAL INSTRUMENTS

40

5.1. Financial Assets

40

5.1.1 Cash and cash equivalents

40

5.1.2. Investments

40

5.2. Financial liabilities

41

5.2.1. Derivative instruments

42

5.2.2. Bonds issued

46

5.2.3. Commitments with non-controlling shareholders

46

5.2.4. Other accounts payable

49

NOTE 6. TAXES

49

6.1. Current income tax

49

6.2. Deferred tax

51

6.3. Tax matters in Colombia

51

6.4. Tax Assets Not Recognized

51

6.5. Uncertainty regarding income tax treatments

52

NOTE 7. INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES

52

7.1. Investment in associates

52

7.2. Investments in subsidiaries

53

7.3. Impairment of investments in associates and subsidiaries

55

NOTE 8. NON-CURRENT ASSETS HELD FOR SALE

58

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SEPARATE FINANCIAL STATEMENTS

NOTE 9. EMPLOYEE BENEFITS

61

9.1. Short-term benefits

61

9.2. Long-term benefits

62

9.3. Post-employment benefits

63

9.3.1. Defined benefit plans

63

9.3.2. Defined contribution plans

65

9.4. Employee benefits expense

65

NOTE 10. PREFERRED SHARES

65

NOTE 11 EQUITY

66

11.1. Issued capital

66

11.2. Issuance premium

67

11.3. Reserves

67

11.3.1. Legal reserve:

67

11.3.2. Occasional reserves:

67

11.4. Reserves for share repurchase

67

NOTE 12. DIVIDENDS PAID AND DECLARED

68

NOTE 13. OTHER COMPREHENSIVE INCOME

68

13.1. New defined benefit plan measures

68

13.2. Gain (loss) from investment in equity instruments

69

13.3. Cash flow derivative hedges

69

13.4. Equity in other comprehensive income of subsidiaries accounted for using the equity method

...........................................................................................................................................69

NOTE 14. INCOME

69

NOTE 15. ADMINISTRATIVE EXPENSES

70

NOTE 16. FEES

70

NOTE 17. FINANCIAL RESULTS

70

17.1. Foreign exchange difference (Net)

71

17.2. Interests

71

NOTE 18. EARNINGS PER SHARE

71

NOTE 19. FAIR VALUE

72

19.1. Fair value measurement on a recurring basis

73

19.2. Determination of fair value

74

19.3. Fair value of financial assets and liabilities recognized at amortized cost or other valuation

method

75

NOTE 20. RISK MANAGEMENT

75

NOTE 21. CAPITAL MANAGEMENT

82

NOTE 22. RELATED PARTY DISCLOSURES

82

NOTE 23. EVENTS AFTER THE REPORTING DATE

84

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SEPARATE FINANCIAL STATEMENTS

NOTE 24. APPROVAL OF THE FINANCIAL STATEMENTS

85

ANALYSIS OF FINANCIAL RESULTS (UNAUDITED)

88

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SEPARATE FINANCIAL STATEMENTS

RESPONSIBILITIES OF THE DIRECTORS OVER THE ACCOUNTS

The Directors are required to prepare the financial statements, for each financial period, that reasonably present the financial position of the Company, results, and cash flows, at December 31, 2023, with comparative figures at December 31, 2022. For the preparation of these financial statements, the Directors are required to:

Select appropriate accounting policies and apply them consistently.

  • Present information, including accounting policies, that are relevant, reliable, comparable, and comprehensive.
  • Make judgments, and reasonable, prudent estimates.
  • State whether applicable accounting standards have been followed, subject to any significant deviation revealed, and explained, in the accounts.
  • Prepare the accounts, based on the ongoing business, unless it is inappropriate to presume that the Company will continue in business.

The Directors confirm that the accounts meet the above requirements.

In addition, the Directors consider that they are responsible for maintaining appropriate accounting records, which reveal, with reasonable accuracy, at any time, the financial situation of the Company. They are also responsible for safeguarding the assets of the company and, therefore, for taking reasonable steps to prevent and detect fraud, and other irregularities.

Gonzalo Alberto Pérez Rojas

Juan Guillermo Chica Ramírez

President

Public Accountant

Professional Card 64093-T

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SEPARATE FINANCIAL STATEMENTS

CERTIFICATION OF THE SEPARATE FINANCIAL STATEMENTS

The undersigned Legal Representative and Public Accountant, under whose responsibility the consolidated financial statements were prepared, certify:

That for the issuance of the statement of financial position, at December 31, 2023, and of the separate income statement for the year, as well as, the statement of other comprehensive income, changes in equity statement, and the cash flow statement, for the year ended on that date, which are in compliance with the norms, and are made available to shareholders and third parties, and whose information, contained in them, have been previously verified and the figures taken faithfully from the books.

Said affirmations, explicit and implicit, are the following:

Existence: The assets and liabilities of Grupo de Inversiones Suramericana S.A., exist on the cut-off date and the transactions recorded, have been realized during the year.

Integrity: All economic events have been recognized.

Rights and obligations: The assets represent probable future economic benefits, and liabilities represent probable future economic sacrifices, obtained or under the charge of Grupo de Inversiones Suramericana S.A., on the cut-off date.

Valuation: All elements have been recognized, in the appropriate amounts.

Presentation and disclosure: Economic events have been correctly classified, described, and disclosed.

In accordance with article 46 of Law 964 of 2005, in my capacity as legal representative of Grupo de Inversiones Suramericana S.A., the financial statements and other reports relevant to the public, related to the financial year ending 31 December 2023 and 31 December 2022 do not contain defects, inaccuracies or errors that prevent the true financial position or operations of the Company from being known.

Gonzalo Alberto Pérez Rojas

Juan Guillermo Chica Ramírez

President

Public Accountant

Professional Card 64093-T

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SEPARATE FINANCIAL STATEMENTS

AUDITORS REPORT

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SEPARATE FINANCIAL STATEMENTS

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SEPARATE FINANCIAL STATEMENTS

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Grupo de Inversiones Suramericana SA published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 14:14:03 UTC.