- Operating income reached COP 7 trillion, with operating earnings totaling COP 1.2 trillion.
- During this past quarter, substantial progress was made with regard to the Proposed Spin-Off, including obtaining the required corporate approvals. Once this requirement was fulfilled, an application for authorization was filed before the Colombian Superintendency of Finance.
- In the light of this, starting this quarter, Grupo SURA's results shall begin to reflect its future structure, with a portfolio specializing in financial services.
This past Thursday, Grupo SURA reported to the market its consolidated financial results for the first quarter of this year, which showed a sound level of performance of its portfolio's financial investments, namely Suramericana, SURA Asset Management and Bancolombia. Taking into account that, as a result of the corporate approvals obtained for the Proposed Spin-Off, as of this quarter the Company's financial statements shall no longer consolidate contributions from Grupo Argos.
"The consolidated results for Q1 demonstrate the soundness of our investments and the consistent performance of our portfolio companies. This past quarter has proved to be a good starting point towards meeting the goals we have set for this year while reflecting our specialization in financial services,” stated Ricardo Jaramillo Mejía, Grupo SURA’s Chief Executive Officer.
It is necessary to note that in 2024 there were extraordinary events associated with the Company's evolution. For this reason, adjusted figures are presented to exclude non-recurring effects[1], making the results posted more comparable while more clearly reflecting the operating and business performance of the financial investments belonging to Grupo SURA's portfolio.
Consolidated results
Adjusted operating income totaled COP 7 trillion at the end of Q1, representing a growth of 4.8%1 thanks to higher premiums on the part of Suramericana, higher fee and commission income from SURA Asset Management along with a positive level of performance on the part of Bancolombia. Adjusted operating earnings came to COP 1.2 trillion, down by 5.6%1 compared to the same period last year this due to lower investment returns in the pension and asset management businesses, in contrast with a particularly favorable first quarter in 2024.
With this, Grupo SURA's adjusted controlling net income reached COP 519 billion, 12.2%1 lower than for the same period last year. However, considering that the Company projects to end the year with a controlling net income of between COP 1.7 and COP 1.9 trillion, this quarter's figure remains at the high end of this range of expectations. In the light of the above, our adjusted return on equity (adjusted ROE [2]) reached 9.5% on a Trailing 12 Month basis.
"The consolidated results for this past quarter demonstrate the soundness of our investments. This year we shall continue to drill down on our performance in the context of our clearly-defined priorities namely to realize our valorization potential; strengthen our regional footprint; and continue to further our profitable and sustained growth thereby ensuring our ability to create added value for both Grupo SURA and its shareholders," stated Juan Esteban Toro Valencia, Chief Corporate Finance Officer for Grupo SURA.
Results on the part of our Portfolio Companies
Suramericana[3] This subsidiary ended the quarter with positive level of performance having recorded written premiums totaling COP 4.5 trillion, for a growth of 7.3% at constant rates. Its technical result increased by 11.6% and its investment income rose by 7.0% to COP 546 billion at the end of the quarter. This produced a controlling net income of COP 204 billion, for an increase of more than 42.8% compared to the first quarter of 2024, and where the performance of the Life insurance segment is worth noting, having secured a 13.2% growth in written premiums and representing 60.7% of net income.
Sura Asset Management This subsidiary showed a positive level of performance in terms of its Assets under Management (AUM) with its revenues and operating results normalizing given the base effect produced by a high level of investment income obtained for the same period last year. AUM reached COP 734 trillion, 11% higher than for the same quarter last year, and fee and commission income rose by 8.1% at constant rates, this totaling COP 1 trillion and driven by good levels of performance in both the Savings and Retirement (pensions) and the SURA Investments segments.
Although this subsidiary's operating earnings were impacted by lower investment returns and increased expenses, we expect its operating metrics to normalize over the course of this year. As a result, SURA Asset Management's controlling net income ended the quarter at COP 237 billion with its ROE standing at 8.2%.
Bancolombia Bancolombia consolidated a controlling net income of COP 1.7 trillion for this past quarter, up by 4.5% compared to the same period last year, along with a ROE of 16.3%, driven by a lower cost of risk. In terms of these results, the capacity to generate profits amid an environment of declining interest rates is worth noting.
Other highlights:
- SURA Asset Management's bond issue In May, our subsidiary issued USD 500 million in international bonds. This transaction secured a demand that exceeded 4 times the amount offered for which more than 150 investors on a global level took part, thereby reflecting the power of our diversification and the market's confidence in the Company.
- Share performance Between March 2024 and April 2025, the price of our ordinary shares rose by 41% with our preferred shares increasing by 103%, both of which surpassed the overall performance of the local market (Msci Colcap), which increased by a mere 23% during this same period. Likewise, in 2025 the average daily traded volume reached COP 13.7 billion per day, the highest level in recent years, far exceeding the volumes observed between 2020 and 2024.
- Inclusion in indexes. As a result of its currently positive market dynamics and the higher volume traded, Grupo SURA's preferred stock was once again included in the FTSE Global Equity Index in March, promoting greater visibility among international investors.
[1] Adjusted figures exclude the following non-recurring effects in 2024: 1) the profit on the share swap with Nutresa totaling COP 4.0 trillion and the taxes associated with this transaction amounting to COP 363 billion; 2) revenues via the equity method from Grupo Argos for COP 559 billion, given the progress made with the Proposed Spin-off; 3) revenues via the equity method from Sociedad Portafolio totaling COP 23 billion, after completing the Nutresa-Grupo SURA transaction; 4) the net income corresponding to the health care subsidiary, EPS SURA, bearing in mind that this ceased to be consolidated as of June 1, 2024.
[2] TTM ROE adjusted for: a) the amortization of intangible assets resulting from acquisitions to net income; b) The investment in Grupo Argos is excluded from equity as well as from net income over the last 12 months given the non-recognition of the equity method as of 2025; c) non-recurring income associated with the share swap with Nutresa in 2024 is excluded; d) the EPS health care subsidiary is excluded in 2024 .
[3] To ensure comparability, Suramericana is presenting pro forma figures that exclude EPS SURA for 2024. This applies to written premiums, technical results, investment income, and Suramericana’s controlling net income.
