Grupo SURA reported a net income of COP 509 billion for the first quarter of 2026

  • Grupo SURA’s net income remained stable compared to the same period last year, this after accounting for the impact of the wealth tax levied in Colombia. Were we to exclude this effect, controlling net income would have stood at COP 735 billion, thereby reflecting the sound operating performance of our core businesses.
  • Thanks to these results, the Company posted a return on equity of 13.8% on a LTM basis.
  • Grupo SURA introduces its new Conexxión initiative, dedicated to optimizing our operating processes through technology and analytics, this with the aim of achieving efficiencies exceeding COP 600 billion during the first five years of its operation. 

Grupo SURA (BVC: GRUPOSURA and PFGRUPSURA) hereby presents the market with its financial results for the first quarter of this year, a period in which the Company maintained a positive and consistent operating momentum across its various core financial services businesses.

Controlling net income reached COP 509 billion, remaining stable compared to the same period last year.  This included the impact of the one-time wealth tax amounting to COP 227 billion,  given Grupo SURA’s ownership stake in each of its companies, which was borne by the investment portfolio during the first quarter  Were we to exclude this effect, controlling net income would have stood at COP 735 billion, which would have been 42% over and above the comparable base. Likewise, adjusted return on equity stood at 13.8%, thereby consolidating the upward trend the Company has been recording over the past few quarters.

“The results of the first quarter of this year only go to confirm Grupo SURA’s strong performance and our ability to maintain a positive momentum from the commercial and operational standpoints, even amid a challenging environment marked by one-time impacts such as the wealth tax levied in Colombia. The strong performance of our investments allowed us not only to absorb this significant impact but also to advance in consolidating a more efficient, and profitable Financial Group, one that is prepared to continue seizing opportunities for sustainable growth in Latin America, “ stated Ricardo Jaramillo Mejía, Chief Executive Officer for Grupo SURA.

Investment performance 

Suramericana: recorded a net income of COP 202 billion, remaining stable compared to the previous year thereby mitigating an impact of COP 84 billion in the form of a one-time wealth tax[1]. Written premiums were up by 7.2%,, driven mainly by the Life Insurance segment, which continued to grow at a double-digit rate thanks to the strong momentum delivered by its  voluntary health and occupational risk solutions. This level of performance, coupled with a reduction in this subsidiary´s claims rate , led to a 21% increase in its technical result. Meanwhile, the Property and Casualty segment continued to make headway with initiatives focusing on prioritizing profitability, amid a more competitive market environment, primarily in the mobility/auto segment.

SURA Asset Management[2]: maintained a strong momentum during the quarter, securing double-digit growth rates in terms of its fee and commission income as well as assets under management. Controlling net income reached COP 267 billion, for a growth of 13.8% thereby absorbing the impact of the wealth tax levied in Colombia, which amounted to COP 70 billion on this subsidiary´s controlling net income, and which produced a total effect of COP 94 billion. Fee and commission income rose by 12.5%, totaling COP 1.1 trillion, while Assets under Management (AUM) reached COP 808 trillion, up by 14.3%. These results were driven by the performance of both business segments, Savings and Retirement as well as SURA Investments. Notably, SURA Investments’ operating earnings increased 2.8-fold, thereby reflecting the growth secured in fees, commissions and cost efficiencies.

Grupo Cibest: recorded a 6.5% growth in its gross loan portfolio, bringing the total to 9.6%,[3] this going hand in hand with a 27-basis-point improvement in the Group´s net interest margin, which stood at 7.03%, thereby reaffirming the strength of the banking business in Colombia. All of this enabled the Group to achieve a net income of COP 1.5 trillion for the quarter along with a return on equity (ROE) of 14.9%, in spite of the impact of the wealth tax levied in Colombia, which amounted to 374 billion pesos for this subsidiary 

Conexxión (new Shared Services Center) 

Grupo SURA is introducing a new initiative focused on optimizing the operating processes of the various companies belonging to the SURA Business Group this through the implementation of both technology and analytics. This endeavor shall be supported by a Shared Services Center based in Colombia, which will provide its support to the various businesses in Latin America.

Its objective is to make the SURA Business Group’s operations more agile through technology, artificial intelligence, and analytics, this in order to achieve efficiencies in areas such as its technological infrastructure and procurement management, thereby enabling the various companies to focus on their strategic business objectives.  Conexxión is currently estimating that it shall achieve efficiencies exceeding COP 600 billion in its first five years of operation; and starting in the fifth year, it projects annual savings of approximately COP 200 billion. 

With initiatives of this caliber, Grupo SURA is moving forward with its consolidation as a financial group, implementing projects that contribute to creating shareholder value and positioning the Company as an attractive long-term investment opportunity.

Other highlights for this past quarter:

  • International bond payment: AT the end of April, Grupo SURA settled a payment for a total of USD 300 million on its international bonds issued in 2016. The Company took out a line of credit for COP 900 billion with a local bank this with a five-year maturity in order to finance this transaction. With this and other recent debt transactions, the Company is successfully making headway with prepaying, refinancing, and renegotiating its financial obligations, thereby securing better terms regarding currency, cost, and maturity.

 

[1]Variation measured at constant exchange rates.
[2]Variations measured at constant exchange rates.
[3]Variations measured at constant exchange rates.