Grupo SURA posted YTD revenues of COP 15.2 billion (+16.3%) at the end of Q3 2017 thanks to a good level of operating performance on the part of its subsidiaries
• These higher revenues corresponded to increases in retained premiums (+ 21.6%), services rendered (+ 21.0%) and revenues obtained via the equity method (+ 18.7%); the latter from our associates namely Grupo Bancolombia, Grupo Argos, Grupo Nutresa and AFP Protección.
• The net income attributable to shareholders came to COP 943,607 million (USD 321 million), for a decline of 26.6%, mainly due to exchange differences, as well as non-recurring provisions recorded during the first half of 2017. Upon isolating the aforementioned effects, the net income attributable to shareholders would have dropped by just 0.3%.
• Assets at the end of 3Q 2017 came to COP 71.6 billion (USD 24.4 billion), for a growth of 5.6%.
• Equity stood at COP 25.5 billion (USD 8.7 billion), having risen by 0.4% compared to the previous period.
Medellín. November 15, 2017 Grupo SURA presented its results for the third quarter of this year, showing a 16.3% year-on-year growth in YTD revenues, which totaled COP 15.2 billion (USD 5.2 billion).
This was made possible by the good level of operating performance obtained from the Group´s pension, savings and investment subsidiary, SURA Asset Management, as well as its insurance and trend/risk management arm, Suramericana which have continued reinforcing their competitive standing in all those countries where present. A main highlight for this past reporting period was the increase in revenues obtained from retained premiums (+ 21.6%), services rendered (+ 21.0%) and revenues obtained via the equity method (+18.7%); the latter from our associates, Grupo Bancolombia, Grupo Argos, Grupo Nutresa and AFP Protección.
Suramericana, for its part recorded an EBIT of COP 498,279 million (USD 169.5 million), for a 3.5% growth, thanks to a positive level of operating performance on the part of its regional operations as well as higher contributions from all those businesses acquired from RSA. In the case of SURA Asset Management, operating earnings came to COP 797,572 million (USD 271.3 million), for a growth of 10.6% in local currencies, this mainly driven by investment income as well as the revenues obtained from AFP Protección via equity method.
Similarly, revenues obtained from associates via the equity method rose by 18.7% to COP 765,203 million (USD 260.3 million) mainly due to the good levels of performance on the part of Grupo Argos and Protección.
The Company's total expenditure came to COP 13.7 billion (USD 4.7 billion), having risen by 21.3%. Consequently, the net income attributable to shareholders at the end of Q3 2017 reached COP 943,607 million (USD 321 million) having declined by 26.6% due to the prevailing exchange rates. It is to be noted that exchange differences were particularly positive last year, thereby affecting the basis for comparison between the two years. Another contributing factor were the non-recurring provisions set up during the first half of the year, which also had a consequent effect on our final results. Upon isolating the effects of both items, the Company´s net income would have dropped by just 0.3%.
Finally, at the end of Q3 2017, assets rose by 5.6% to COP 71.6 billion (USD 24.4 billion), and equity reached COP 25.5 billion (USD 8.7 billion), for a 0.4% increase compared to the same period last year.
About Grupo SURA
Grupo de Inversiones Suramericana, the parent company of the SURA Business Group is a Latin American company listed on the Colombian Stock Exchange and registered with the ADR- Level 1 program in the United States. We are also the only company from the Latin American Diversified Financial Service Sector to be admitted to the Dow Jones Sustainability World Index, which lists companies who have become global benchmarks thanks to the best practices they have adopted from the economic, environmental and social standpoints. GRUPO SURA has two fields of investment: its core strategic interests in the financial service, insurance, pension, savings and investment sectors, and its industrial interests in the processed food, cement, energy and infrastructure sectors.