Grupo SURA, an investment manager focusing on the financial service sector, has consolidated its position as the third largest Latin American player in the regional insurance industry, this measured by its dollar-denominated volume of written premiums at the end of 2022. It was also named as the sixth largest insurance group in the overall ranking, this according to the latest study carried out by the Mapfre Foundation, which was released on September 5.

According to this annual study, Grupo Sura has moved up two positions compared to the previous year´s ranking, this based on the amount of written premiums corresponding to two of the companies in Grupo SURA's portfolio, namely Suramericana with its Seguros SURA operations in 9 countries throughout the region, as well as the premiums recorded by Asulado, recently created at the end of 2022 by SURA Asset Management for providing pension and annuity insurance in Colombia.

Besides being the third largest Latin American insurance group, trailing Brazil's Brasilprev and Bradesco Seguros, Grupo SURA is the only Colombian company on the list. This study assigned a total market share of 3.3%, up from 2.9% in 2021.

"Grupo SURA scored a 55.4% growth in Colombia (where it sells 60.5% of its insurance solutions), with rest of the countries where it is present driving up the Company´s total growth to 31.4%," stated the study, which shows that the Company has one of the most diversified insurance operations among the leading players in this ranking.

It is also noteworthy that in the Non-Life or Property and Casualty segment, Suramericana's operation ranks fourth overall in this ranking and first among Latin American groups, with a 3.7% share of the region's market, trailing Mapfre (Spain), Elevance Health (United States) and GuideWell (United States).

Regarding Life Insurance segment, the study places Grupo SURA in tenth position, having gained a total of four places, thereby consolidating its position as the fifth largest insurance company in Latin America, this due to SURA Asset Management having started up its own pension and annuity insurance subsidiary, Asulado Seguros de Vida S.A. SURA's regional market share in this segment comes to 2.8%.

Generally speaking, this study pointed out that "the Latin American insurance markets maintained a positive post-pandemic inertia, with notably positive growth figures, both in local currency and in dollars, as the total market grew by 15.9% over the previous year in the latter currency". At the end of 2022, the volume of premiums in the region ended up at USD 173,665 million, 42% of which corresponded to the Life Insurance segment and the remaining 58% the Non-Life or Property and Casualty segment.

The results of this study reflect the confidence of both individuals and companies throughout Latin America in the support provided by SURA's diversified range of insurance solutions while evidencing the  growth opportunities that this industry now has in the region.

Read the complete study "Ranking of insurance groups in Latin America 2022" by Fundación Mapfre.