Sura 1Q 2025 Net Income Dips 12% Year-on-Year
Medellin-based insurance and financial asset manager Grupo Sura on May 15 posted a 12% year-on-year decline in first quarter (1Q) 2025 net income, to COP$519 billion (US$123 million).
Operating revenues for 1Q 2025 rose 4.8% year-on-year, to COP$7 trillion (US$1.66 billion) while operating profit dipped 5.6%, to COP$1.2 trillion (US$285 million), according to the company.
Comparable year-on-year net income and revenue figures excluded the impact of several non-recurring events that occurred during 2024, including:
“1) The profit generated by the exchange of Nutresa shares totaling COP$4.0 trillion [US$951 million] and the taxes associated with said transaction, totaling COP$363 billion [US$86 million];
“2) The equity method of [spinning-off shareholdings in] Grupo Argos totaling COP$559 billion [US$132 million];
“3) the equity method of Sociedad Portafolio totaling COP$23 billion [US$5.47 million], following the closing of the Nutresa-Grupo Sura [share swap] transaction; and
“4) the net income of [health insurance division] EPS-Sura, taking into account that EPS-Sura ceased to be consolidated [within Grupo Sura] as of June 1, 2024.”
Following those shareholding and spin-off moves during 2024, during 1Q 2025 Sura won final approval to sell its former shareholdings in Grupo Argos.
“With this progress [in selling Argos shareholdings], starting this quarter [2Q 2025], Grupo Sura’s results begin to reflect its future structure, with a portfolio specialized in financial services,” the company explained.
Segment Results
Sura’s corporate-wide 1Q 2025 operating-income boost “was driven by premium growth at Suramericana [insurance division], higher commission income from Sura Asset Management, and the positive performance of [Sura’s 24.5% shareholding in] Bancolombia,” according to the company.
On the other hand, Sura also noted “lower investment returns from the pension and asset management businesses, which contrasted with a particularly favorable first quarter of 2024,” according to the company.
The Suramericana insurance division finished 1Q 2025 “with positive momentum, with written premiums totaling COP$4.5 trillion [US$1.07 billion], a 7.3% increase at constant rates,” according to the company.
Meanwhile, investment income at Suramericana grew 7%, reaching COP$546 billion [US$130 million] during 1Q 2025.
As a result, Suramericana controlling profit rose 42.8% year-on-year, to COP$204 billion [US$48 million], according to Sura.
As for Sura Asset Management, “this subsidiary saw positive performance in assets-under-management and revenue, and operating results normalized due to the base effect produced by the high investment income in the first quarter of 2024,” according to the company.
Assets under management in 1Q 2025 rose 11% year-on-year, to COP$734 billion (US$174 million), while fee income grew 8.1% at a constant rate, to COP$1 trillion (US$238 million), “driven by good momentum in both the savings and retirement pension funds and Sura Investments segments,” according to the company.
As for its 24.5% stake in Bancolombia, Sura benefitted from Bancolombia’s 4.5% year-on-year gain in 1Q 2025 net income, which hit COP$1.7 trillion [US$404 million], with a return on equity of 16.3%, “leveraged by a lower cost of risk. These results highlight ability to generate profits in an environment of declining interest rates,” according to Sura.
