Grupo de Inversiones Suramericana S A : 2022 Q3 Consolidated financial statements

Condensed Interim Consolidated Financial Statements of Grupo de Inversiones Suramericana S.A. for the nine-month period between January 1st and September 30th 2022

	TABLE OF CONTENT
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	4
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION	7
CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT	8
CONDENSED INTERIM CONSOLIDATED OF COMPREHENSIVE INCOME ¡Error!	Marcador no
definido.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	10
CONDENSED INTERIM STATEMENT CONSOLIDATED CASH FLOWS STATEMENT	11
NOTE 1. REPORTING ENTITY	12
NOTE 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND
SIGNIFICANT ACCOUNTING POLICIES	17
2.1. Statement of compliance	17
2.2. Basis of presentation	17
2.3. Significant accounting policies	20
NOTE 3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND SOURCES OF
UNCERTAINTY IN THE PREPARATION OF THE FINANCIAL STATEMENTS	20
NOTE 4. NORMS ISSUED NOT EFFECTIVE YET	21
NOTE 5. FINANCIAL INSTRUMENTS	25
5.1.	Financial assets	25
5.2.	Financial liabilities	27
NOTE 6. INSURANCE CONTRACTS	37
6.1. Insurance contract assets	37
6.2. Reinsurance contract assets	37
6.3. Premiums	37
6.4. Liabilities for insurance contracts	38
6.5. Liabilities under reinsurance contracts	39
6.6. Claims withheld	39
6.7. Insurance costs and expenses	39
NOTE 7. TAXES	40
7.1. Applicable regulations	40
7.3. Tax recognized in the income statement for the period	42
7.4.	Effective rate reconciliation	42
7.5.	Deferred taxes	43
7.6. Unrecognized temporary differences due to unused tax credits	44
7.7 Uncertainty regarding income tax treatments	44
NOTE 8. INVESTMENTS IN ASSOCIATES COMPANIES AND JOINT VENTURES	45
8.1 Investment in associates	46
8.2 Joint ventures	50

2

NOTE 9. DIVIDENDS DECLARED	51
NOTE 10. OTHER COMPREHENSIVE INCOME	51
NOTE 11. NON-CONTROLLING INTEREST	52
NOTE 12. OPERATING SEGMENTS	53
12.1. Reportable segments	53
12.2. Information about operating segments	55
12.3. Geographical information	59
NOTE 13. COMMISSION INCOME AND EXPENSES	60
13.1. Commission income	60
13.2. Expenses for commissions paid to intermediaries	60
NOTE 14. FINANCIAL RESULT	61
NOTE 15. DISCONTINUED OPERATIONS	62
NOTE 16. EARNINGS PER SHARE	63
NOTE 17. FINANCIAL RISK MANAGEMENT	63
NOTE 18. RELATED PARTIES DISCLOSURES	72
18.1. Related parties	72
18.2. Transactions with related parties	73
NOTE 19. OTHER MATTERS	74
NOTE 20. EVENTS SUBSEQUENT TO THE REPORTING DATE	74
NOTE 21. APPROVAL OF FINANCIAL STATEMENTS	75
ANALYSIS OF FINANCIAL RESULTS (unaudited)	75

3

CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

The undersigned Legal Representative and Public Accountant, under whose responsibility the consolidated financial statements were prepared, certify:

For the issuance of the consolidated statement of financial position as of September 30, 2022, and the consolidated statement of income for the year and consolidated comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the period ended on that date, which in accordance with the regulations are made available to shareholders and third parties, the statements contained therein have been previously verified.

Said affirmations, explicit and implicit, are the following:

Existence: The assets and liabilities of Grupo de Inversiones Suramericana S.A., exist on the cut- off date and the transactions recorded, have been realized, during the year.

Integrity: All economic events have been recognized.

Rights and obligations: The assets represent probable future economic benefits, and the liabilities represent probable future economic sacrifices, obtained or under the charge of Grupo de Inversiones Suramericana S.A., on the cut-off date.

Valuation: All elements have been recognized, in the appropriate amounts.

Presentation and disclosure: Economic events have been correctly classified, described, and disclosed.

In accordance with Article 46 of Law 964 of 2005, in my capacity as legal representative of Grupo de Inversiones Suramericana S.A. The Financial Statements and other relevant reports for the public, related to the fiscal year as of September 30, 2022, September 30 and December 31, 2021 do not contain vices, inaccuracies or errors that prevent the true equity situation or operations of the Company from being known.

Gonzalo Alberto Pérez Rojas	Juan Guillermo Chica Ramirez
President	Accountant
	Professional Card 64093-T

4

AUDITOR REPORT

5