Grupo de Inversiones Suramericana (GRUPOSURA) Q1 2025 earnings summary

Executive summary

• Controlling net income was COP 519bn, down 12.2%; adjusted revenue rose 4.8% to COP 7,003bn and adjusted operating profit fell 5.6% to COP 1,168bn.

• Financial businesses contributed COP 812bn to quarterly results.

• The absorption and split advanced after shareholder and bondholder approvals in March and an April filing with the Financial Superintendency.

Financial highlights

• Adjusted earnings before taxes were COP 904bn, up 0.5%; adjusted controlling net income was COP 519bn, down 12.2%.

• Investment income fell 43.1%, while fee and commission income increased 4.8% on an adjusted basis.

• Expenses rose 5.7% to COP 3.2tn; retained claims increased 8.9% on an adjusted basis, mainly due to higher annuity technical reserves.

• Income taxes rose 34.0%, mainly due to deferred-tax effects from a USD 230m bond repurchase and associated hedging.

Outlook and guidance

• Full-year controlling net income target remains COP 1.7tn–1.9tn.

• SURA Asset Management retained 2025 ROE guidance of 8%–9%; expense growth is expected to moderate by year-end.

• SURA Investments expects full-year expense growth of 4%–6% and aims to improve operating margin toward double digits.

• Debt is expected to close 2025 near COP 7.7tn, with no increase planned; it was below COP 6.8tn after April dividends.