Grupo de Inversiones Suramericana S A : BRC Ratings confirms its 'AAA' rating for Suramericana's long-term debt
August 01, 2022 at 09:55 am EDT
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The Suramericana subsidiaries have strengthened their market position, having obtained a share of almost 24% at the end of 2021.
The Suramericana subsidiaries in Colombia achieved a recovery in premium production, for a year-on-year growth of approximately 18% at the end of Q1 2022.
BRC Ratings - S&P Global S.A. SCV, a securities rating agency, once again ratified its 'AAA' rating for Suramericana S.A., as well as for its issue of ordinary bonds worth COP 1 trillion. This means that the Company remains one of the leaders in the Colombian insurance industry.
This ratings agency also made special mention of the fact that the Suramericana subsidiaries have strengthened their market position obtaining a share of almost 24% at the end of 2021. Emphasis was also placed on the effective diversification that the Company has built up in each of its business lines and marketing channels.
"We are very pleased that, once again, Suramericana has received an 'AAA' rating. This only goes to show the amount of work that our subsidiaries have done over the last several years, through which we have contributed to the region's growth,"commented Juan Fernando Uribe, Suramericana's Chief Finance and Investment Officer.
Similarly, BRC Ratings highlighted the fact that the Suramericana subsidiaries in Colombia secured a rapid recovery with their premium production, achieving a year-on-year growth of approximately 18% at the end of Q1 2022, which was higher than the average of 7%, recorded between 2018 and 2021.
It is worth noting that this growth has been underpinned by a range of different insurance solutions, the momentum obtained with occupational risk policies and a greater demand for Health, Life and Vehicle solutions, which have shown a progressive rebound after the impact on their demand due to, among many factors, the previous lockdown measures.
The BCR report also mentioned that the Suramericana subsidiaries outside Colombia are also experiencing an uptrend in premium output, producing an increase of 13% at year-end 2021, which was maintained during Q1, 2022.
"We shall continue working on expanding our solutions in order to remain market competitive and become a benchmark for the entire region," concluded John Uribe, Chief Insurance Officer at Suramericana.
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Grupo de Inversiones Suramericana SA published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 13:54:09 UTC.
Grupo de Inversiones Suramericana SA is a Colombia-based company primarily engaged in the life insurance sector. The Company's activities are divided into three business segments: Fund Management, Insurance and Services. The Fund Management division is responsible for the administration of mandatory and voluntary pension funds, as well as provision of life annuities and other savings products. The Insurance segment offers life and non-life insurance policies. The Services area includes outsourcing services in the field of telecommunications and information processing, mandatory healthcare services and medical plans, as well as other complementary services. The Company's investment portfolio comprises Sura Asset Management, Suramericana, Bancolombia, Grupo Argos, Grupo Nutresa, Habitat, Sodhexo and Enka, among others. The Company operates through numerous subsidiaries in Latin America, including Colombia, Mexico, Chile, Peru, El Salvador and Panama, among others.