Sustainability

Sustainability, purpose of our strategy

The development of the company and society is only sustainable, in the long term, if it is harmonious. If it allows society, as a whole, and the parties involved to increase their well-being.

At Grupo SURA we understand sustainability as the ability to rethink, anticipate, ask ourselves the right questions and manage risks to face the challenges of a competitive environment, in this way we contribute to the harmonious development of society, based on our corporate principles.

We are sustainable when we are useful and relevant to society; when our proposal promotes the competitiveness of organizations and the well-being of people; when we maximize the generation of value for our stakeholders. We achieve this with coherence between what we are, what we declare and what we do, thus we grow responsibly to remain in time.

Sustainability has been present since our beginnings as an insurance company. This explains the vision and philosophy that its leaders have had regarding the way in which corporate responsibility should be assumed and its link with corporate sustainability. Since its creation, our Company has been conceived as a form of social organization with a great mobilizing capacity to build better contexts, where the social, environmental and economic spheres are favored. To this end, the Organization has focused on ethical, comprehensive and consistent management of its businesses, first in Colombia and now in Latin America.

Get to know the Reflections of our CEO on Corporate Responsibility.

Gonzalo Alberto Pérez Rojas, CEO Grupo SURA

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Our goal: sustainable profitability

In addition to recognizing the relevance of creating value with a return higher than the cost of capital, at Grupo SURA we understand that this return only makes sense in the long term if the management of the portfolio and the relationship with the environment contribute to a harmonious development of society. Therefore, our approach is based on the conscious management of capital. 

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Social capital

We participate and seek to strengthen human and institutional networks, based on shared norms, values and understandings to create trust and work in an articulated manner for common goals.

 

Human capital

We enable in people the skills and knowledge that favor, from flexibility and diversity, the full development of being and its potential to generate value for the company, stakeholders and society.

Natural capital

By making use of ecosystem services for our operation and enabling their use (through insurance, credit and investments), we promote the responsible transition of our operation and that of the portfolio companies to ensure sustainability and contribute to regeneration of this capital.

Financial capital

We manage the financial resources, coming from shareholders and creditors, the compliance and in this way we seek the fulfillment of our objective of sustainable profitability.

Global initiatives

A sustainable society is only possible if we are committed to its harmonious development. For Grupo SURA, being part of various global initiatives allows us to permanently evaluate the management of our Companies against best practices and thus increase our positive impact for Latin America.

Sustainable Development Goals

Our business strategy and action model are articulated with the Sustainable Development Goals approved by the UN. As a company in the financial services sector, we particularly contribute to the fulfillment of SDG 8: Decent work and economic growth. However, we prioritize six where our performance has the greatest impact:

Goal 3

Good health and Well-being

Grupo SURA has investments in Companies that comprehensively promote physical, emotional, mental and financial health, from its mandatory health insurance businesses (EPS SURA) and occupational risk management (ARL SURA), in Colombia, as well as from the administration of pension funds (SURA Asset Management) and voluntary insurance (Seguros SURA), also in other countries of the region.

Goal 4

Quality education

The businesses of the Business Group promote the knowledge and development of individual skills for making conscious and responsible decisions that promote the development of the region, while maximizing its economic and social value. In addition, we focus on the quality of education, strategies that strengthen the skills of being and doing and allow greater opportunities, in accordance with the dynamics and challenges of each society. We also recognize art and culture as a fundamental factor for social transformation.

Goal 8

Decent work and economic growth

Human talent is a differentiating element on which the corporate strategy is based, business evolution is enabled and organizational capacities are developed, which are the principle and source of transformation for the competitiveness and sustainability of Grupo SURA Companies.

Goal 9

Industry, innovation and infrastructure

Innovation is understood as the transformation and creation of businesses and processes that generate value, based on a culture that stimulates and enables the permanent development of skills and abilities, such as creativity and experimentation. For Grupo SURA it is important to develop strategies and initiatives to generate value and remain current, providing new responses to the challenges and opportunities posed by a competitive environment.

Goal 10

Reduced inequalities

Grupo SURA and its subsidiaries contribute to this objective by providing working conditions and decent salaries to more than 29,000 employees, adopting equality policies and excluding assessment criteria such as gender, race, marital status, age, religion and socioeconomic status from the selection processes.

Goal 13

Climate action

Voluntary global initiatives

We are committed to the implementation of responsible practices that positively impact the territories in which we have a presence. In this way we also contribute to the harmonious development of society.

In 2009 we adhered to the United Nations Global Compact.

Our subsidiary Suramericana adopts the Principles of Sustainable Insurance, promoted by UNEP-FI since 2016.

Our subsidiary SURA Asset Management and its main Companies have been signatories to the Principles of Responsible Investment since 2019.

We have been part of UN Women since 2019.

Reporting standards

Publicly reporting our economic, environmental and social impacts is a commitment that we assume responsibly. To do this, we use three frames of reference:

Rating agencies and sustainability standards

At Grupo SURA we annually manage, and directly, six ratings that allow us to evaluate our environmental, social and corporate governance (ESG) performance. Participating in these evaluations is an opportunity to understand what we are doing well and what we can do better to contribute to the harmonious development of Latin America.

For Grupo SURA the materiality analysis is the route that allows us to recognize, diagnose and prioritize the economic, environmental, social, and corporate governance issues that our company must manage, based on the financial service´s sector in which it operates, as well as its stakeholders’ vision, and the impact that these matters have on the strategy and risk management.

This analysis allows us to:

Enrich the strategy with a prospective look by identifying the most relevant work focuses for the company in the coming years.
Make visible and manage risks, impacts and opportunities, and define focused management and monitoring strategies.
Strengthen the relationship with interest groups.

Methodology

Material issues

The scope of this analysis is of Grupo SURA as investment manager, therefore, the inputs to obtain the relevant issues are focused on this industry and link periodic exercises from the investigation.

Capital market

Management and development of the financial market for access to capital and understanding of the transformation of the financial industry.

Climate change

Management of climate-related risks and opportunities arising from actual or potential physical and transitional impacts. It includes how the company adapts and incorporates climatic variables in its management.

Capital allocation

Allocate and invest the financial resources of the Company efficiently and maximizing the generation of value.

Shareholder value

Generate profitability above the cost of capital and contribute to the harmonious development of society.

Responsible investment and financing

Consider, in addition to financial criteria, environmental, social, and governance issues when making investment and financing decisions.

Other defined material matters

ESG management

Our environmental, social and corporate governance (ESG) performance is evaluated annually by six international rating agencies. The results are an opportunity to understand what we are doing well and what we can do better to continue contributing to the harmonious development of Latin America.

Our ratings

ESG rating agency Highest rating 2019 2020 2021
FTSE 5 4.1 3.3 3.4
ISS ESG A+ C C C
MSCI AAA BB BBB BBB
SUSTAINALYTICS 100 43.3 47.1 47.6
S&P 100 73 82 80

For Grupo SURA, being included in various global sustainability indices does not represent an end, rather it is a recognition that demonstrates the Company’s efforts to make sustainability a substantial element of the corporate strategy.

Our strengths

Social management

framed in a clear social investment strategy, with thematic lines, which allows for a long-term vision by focusing its efforts on developing the capacities of various communities.

Human development programs

based on a skills model and long-term incentives that strengthen the retention and attraction of talent.

Management of sustainable finances

with a focus on human rights and climate change.

Ethics and corporate governance system

where practices such as: code of conduct applicable to the entire business group, outsourced reporting channel and anti-crime policies for the prevention of money laundering and corruption stand out.

Our challenges

Strengthen the diversity strategy.

Strengthen environmental management in the current context.

Advance in the measurement of financed emissions and the quantification of financial risks derived from climate change.

Integrate trends to the transformation of the organization.

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