Grupo de Inversiones Suramericana (GRUPOSURA) Q3 2025 earnings summary

Executive summary

• Pro forma Q3 controlling net income reached a record COP 866,771M, up 73.0% YoY; 9M income was COP 2,088bn, up 47.4%.

• Pro forma 9M revenue rose 5.8% to COP 22.4T and operating profit increased 23.8% to COP 4.3T.

• Recurring LTM controlling net income was COP 2,337bn; adjusted ROE was 13.8% and recurring EPS was COP 7,132, up 40.6%.

• Full-year recurring net income outlook remained COP 2.3–2.4tn.

Financial highlights

• Reported 9M controlling net income was COP 2,458bn versus COP 2,088bn pro forma; pro forma comparisons exclude spin-off and specified non-recurring effects.

• Q3 pro forma revenue was COP 7.8T, up 7.6% YoY; operating profit was COP 1.7T, up 43.9%.

• 9M fee and commission income was COP 3.8T, up 10.0%; equity-method income reached COP 1.4T, up 22.5%.

• Retained claims fell 0.9% to COP 8.1T; pro forma operating expenses grew 4.9%, below revenue growth.

• Financial businesses contributed COP 2.9tn through September, up 19.1% YoY.

Outlook and guidance

• 2028 organic ambitions: net income of ~COP 3.3tn, EPS of ~COP 10,000, adjusted ROE of ~15%, and dividends per share of ~COP 3,000.

• 2028 net-debt target is below COP 5tn and net debt/dividends of ~2x, versus COP 7.1tn and 3.2x at September 2025 LTM.

• Suramericana expects premium growth of ~6%; 2026 earnings improvement is expected from efficiency gains, with a general insurance combined-ratio objective below 100%.

• Q4 results may moderate as pension and annuity reserves adjust to Colombia's minimum-wage increase, incorporating 600–700 bps above inflation.

• Strategic priorities include core-business value creation, customer-centered growth, closing the value gap and a competitive dividend policy.