Grupo de Inversiones Suramericana (GRUPOSURA) Corporate presentation summary

Investment strategy and portfolio

• Investment manager focused on sustainable profitability, harmonious capital management, and applied knowledge of Latin America.

• Financial-services footprint spans 10 countries, with 73M+ clients and 64K+ employees across Suramericana, SURA Asset Management, and Bancolombia.

• Portfolio includes a Latin American insurance leader with $7B in premiums, SURA Asset Management with $176B AUM, Bancolombia with $90B in assets, and Grupo Argos with $5B in revenue.

• Regional growth opportunities include rising banking penetration to 74% in 2021, insurance penetration of 3.0% of GDP, and Latin American pension savings of 26.8% of GDP in 2022.

• Organic revenue growth totaled $4.0B in 2017–2023; dividends paid exceeded $827M since 2014.

Financial performance and shareholder returns

• Equity reached $8.0B in 2023, with a 19% CAGR since 2000; adjusted controlling net income was $536M in 2023.

• Dividends received increased 6.6x from 2011 to 2023, a 17% CAGR, reaching $418M in 2023.

• Dividends declared increased 5.5x from 2011 to 2023, a 15% CAGR; more than $1B was paid since 2011.

• Dividend per share CAGR was 14% from 2015 to 2024E, reaching $0.32 per share in 2024E.

• Individual net debt was $1,465M at Dec. 2023; average debt cost was 14.1%, LTV was 10.5%, and local rating was Fitch AAA.

Insurance operations

• Suramericana operates in 7 countries, serves 21M+ clients, and reported written-premium CAGR of 18% from 2014 to 2023.

• Written premiums reached $6,599M in 2023 versus $1,505M in 2014; figures are adjusted for the sale of operations in Argentina and El Salvador.

• 2023 equity was $1,532M and controlling net income was $146M; 2014–2023 CAGRs were 11% and 6%, respectively.

• Adjusted ROE was 10.5% and adjusted ROTE was 13.3% in 2023, adjusted for Argentina and El Salvador operations.