Grupo de Inversiones Suramericana (GRUPOSURA) Q3 2026 earnings summary

Executive summary

• YTD revenue reached COP 23.8T, up 6.2% YoY; operating profit was COP 4.3T, down 1.3%.

• Pro forma controlling net income reached COP 2.328tn, up 11.5% YoY, excluding 2025 spin-off effects.

• Adjusted ROE was 15.4%, above the cost of capital; adjusted LTM ROE rose to 13.8% from 10.5% in Sept 2025.

Financial highlights

• YTD investment income rose 22.3% to COP 4.4T and equity-method income grew 13.1% to COP 1.6T.

• YTD retained claims increased 10.8% and operating expenses rose 5.7%, including pension-related expenses and Colombia wealth tax impacts.

• Quarterly revenue was COP 7.2T, down 8.5% YoY; operating profit was COP 1.1T.

• GIS net financial result improved to COP -685bn from COP -751bn, while operating expenses declined to COP -86bn from COP -117bn.

Outlook and guidance

• Revised 2026 controlling net income guidance is COP 2.7–2.9tn vs. initial COP 2.1–2.3tn; 2028 ambition is ~COP 3.3tn.

• Revised 2026 EPS guidance is COP 8,300–8,900 vs. initial COP 6,400–7,000; 2028 ambition is ~COP 10,000.

• Revised 2026 adjusted LTM ROE guidance is 16–17% vs. initial 11–12%, above the ~15% 2028 ambition.

• SURA Asset Management revised 2026 guidance: AUM growth 11–12%, fee income growth 7.5–8.0%, adjusted ROE 11–12% and adjusted ROTE 27–29%.