Grupo de Inversiones Suramericana (GRUPOSURA) Corporate presentation summary

Strategic direction and portfolio

• Investment-manager strategy centers on sustainable profitability, applied knowledge in Latin America, financial and related services, and an aggregate portfolio view.

• Financial-services operations span 10 countries, serving more than 73 million clients and employing more than 60,000 people.

• 2023+ priorities include evolving the ownership structure and focusing the investment portfolio on financial services.

• Organic revenue growth reached USD 3.8bn from 2017 to 2023 LTM; non-strategic divestitures totaled USD 692m.

Financial performance and returns

• Total revenues rose from USD 2,647m in 2014 to USD 8,168m in 2023 LTM, with a 14% CAGR; adjusted controlling net income CAGR was 7%.

• Adjusted ROE reached 11.0% for Sept. 2023 LTM, versus 9.9% in 2022 and 7.9% in 2021.

• Dividends received increased 6.1x from 2011 to 2023E, with a 16% CAGR; 2023E receipts were USD 378m.

• More than USD 1bn in dividends was paid since 2011; dividend per share grew 13% per year on average and stayed above prior-year inflation.

Capital and leverage

• Individual net debt was COP 4.2tn (USD 1,143m) as of Sept. 2023; average debt cost was 13.9% and LTV was 12%.

• Fixed-rate exposure was ~40%, USD exposure was 3%, and 2023E net debt/dividends was 2.5x.

• Credit ratings were Fitch AAA locally and Fitch/S&P BB+ internationally.