Medellin-based multinational insurance, health care and asset management giant Grupo Sura announced May 15 that its first quarter (1Q) 2023 consolidated net income rose 94% year-on-year, hitting a quarterly record of COP$834 billion (US$185 million).

Gross revenues likewise rose 39% year-on-year, to COP$9.6 trillion (US$2.1 billion), according to the company.

Citing the historic results, Sura explained that “at the end of 1Q [2023] the following accounting effects should be taken into account: SURA Asset Management incorporated new subsidiaries including [pension-fund manager] Protección, AFP Crecer and the new insurance company Asulado,” while depreciation of the Colombian peso against other currencies also affected results.

Meanwhile, “total costs and expense increased by 33% for the latest quarter, with operating earnings amounting to COP$1.4 trillion [US$311 million], for an increase of 80% compared to the same period last year,” the company added.

Grupo SURA's portfolio of subsidiaries and part-ownership in other companies showed the following results:

Suramericana: “This subsidiary recorded an all-time high net income totaling COP$318 billion [US$70.7 million] due to double-digit growth of the revenues obtained by all three insurance segments: Life (20%), Property and Casualty (29%) and Health Care (24%). This was coupled with a stable claims rate and a year-on-year increase in investment income of 122%.”

SURA Asset Management: “This subsidiary obtained a controlling net income of COP$206 billion [US$45.8 million] as a result of higher fee and commission income and the recovery seen with its legal reserves, together with a 35% growth in operating revenues, after adjusting for the effects of having consolidated Protección, AFP Crecer and Asulado as subsidiaries, in addition to the depreciation of the Colombian peso.”.

Investments in Bancolombia, Grupo Argos and Grupo Nutresa: Grupo SURA's income “also reflects the contributions made by [stock holdings in] associated companies that form part of its portfolio. Revenues via the equity method totaled COP$575 billion [US$128 million], for an increase of 6% compared to the first quarter of 2022. This reflects Bancolombia's positive return on equity (ROE), the double-digit increase in all of Grupo Nutresa's business lines and higher earnings on the part of Grupo Argos,” the company added.