Grupo Sura Full Year 2024 Net Income Soars 253% Year-on-Year
Medellin-based multinational insurance and investment-asset-manager Grupo Sura announced February 27 a 253% hike in full-year 2024 net income, hitting COP$6.1 trillion (US$1.45 billion).
Proforma operating revenues also rose 23.9% year-on-year, hitting COP$33 trillion (US$8 billion), according to the company.
Sura noted that COP$4 trillion (US$968 million) of the revenue hikes came from sale of its former partial stakeholding in Grupo Nutresa.
Once excluding that one-time gain, net revenues rose 9.5% year-on-year, to COP$29 trillion (US$7 billion), “reflecting higher written premiums in [insurance subsidiaries] Asulado and Suramericana,” according to the company.
The company also cited “12% growth in Sura Asset Management fee-and-commission income, when excluding the effects of exchange rates,” along with further profit gains from its partial stakeholdings in Grupo Argos and Bancolombia.
Another significant factor affecting financial results during the year was the June 1, 2024 deconsolidation from Suramericana of the money-losing, former “EPS Sura” health-insurance subsidiary.
Once excluding EPS Sura, Suramericana’s written insurance premiums rose 6.6% year-on-year, with life insurance up 9.7% thanks to “new products in the voluntary health insurance segment,” while property-casualty insurance premiums rose 5% “due to better comercial dynamics in the transport and civil liability segments, which offset the lower revenues associated with mortgage portfolios in the Chilean subsidiary.”
As for the Sura Asset Management subsidiary, “savings and retirement segments grew 10.8% mainly due to the Mexican subsidiary,” while the Sura Investments segment saw fee-and-commission income rise 24.7% year-on-year, the company added.
