♠
Corporate
Presentation
Grupo SURA
November 2023
This document may contain forward-looking statements | |
related to Grupo SURA and its subsidiaries, which have | |
been made under assumptions and estimates of the | |
management of the Companies and may present | |
variations. | |
For a better illustration and decision making, the figures | |
are administrative and not accounting, for this reason they | |
may differ from those presented by official entities. Grupo | |
de Inversiones Suramericana assumes no obligation to | |
update or correct the information contained in this | |
DISCLAIMER | presentation. |
are converted at an exchange rate of 4,054 COP/USD (at | |
Income Statement figures are converted at an exchange | |
rate of 4,411 COP/USD (average of 3Q 2023), other figures | |
the end of 3Q 2023), only for the purpose of restatement. | |
Variations are calculated based on figures in Colombian | |
pesos. |
Grupo SURA
Preserving the way we do business and value creation
1990 / 2007 | 2017 / 2022 | |||
1944 / 1990 | 2007 / 2016 | |||
FOOTPRINT OPTIMIZATION | ||||
LEADERSHIP IN INSURANCE | FINANCIAL SERVICES | INTERNATIONAL EXPANSION | Organic growth: ~ USD 3.8 bn (Increased revenues | |
2017 - 2023 LTM to 3Q23) | ||||
in Colombia | Leader in Colombia | Multi Latin, financial services Group | • Increased profitability | |
CROSS-EQUITY HOLDINGS | STRUCTURE SIMPLIFICATION | Acquisitions ~ USD +8.8 billion* | • Non-strategic divestitures: ~ USD 692 millions | |
With companies with aligned | to have a greater focus: | |||
principles and vision | Non-strategic assets | |||
20.8% in 2002 to 5.2% in 2008 |
2023 + | Advance in the evolution of Grupo SURA's ownership structure and |
the focus of the investment portfolio on financial services. | |
For more than 79 years we have contributed to the construction of public value, both with our business activity and with the institutional strengthening and contribution to the public dynamics in the territories where we are present
44
Showing positive evolution since 2014 and opportunities for future growth.
CAGR2 | |||
#3 INSURANCE GROUP OF LATAM ORIGIN | Premiums1 | +18.1% | |
USD 7 Bn | |||
81.1% | Life, P&C and Health | ||
#1 PENSION FUND IN LATAM | AUM | +10.3% | |
USD 159 Bn | |||
83.6% | with voluntary savings business | ||
LEADING BANK IN THE REGION | Assets | +9.7% | |
USD 83 Bn | |||
46.2% | 24.5% | #1 in Colombia | ||
INFRASTRUCTURE HOLDING IN AMERICA | Revenues1 | +10.9% | |
USD 5 Bn | |||
44% | 33%4 | Cement, concessions and energy |
Participación acciones ordinarias | Participación acciones totales | |
- Last twelve months as of 3Q23
- Compound annual growth from 2014 to September 2023
- Controlling net income for the last twelve months adjusting for the deferred tax of the Nutresa transaction for USD 140 million
- Illustrative exercise assuming that of the 10.1% to be contributed, 5.0% is contributed by other shareholders participating in the exchange and 5.1% is purchased in cash and contributed by Grupo SURA and Grupo Argos. With the prior authorization of the SFC, part of the restitutions corresponding to Grupo SURA and Grupo Argos will be contributed to autonomous patrimonies in which the exercise of voting rights will be suspended. Therefore, control situations will not be configured.
Cifras consolidadas
Grupo SURA
Revenues1
8.1 Bn
CAGR +15.5%2
Controlling Net Income 3
553 MM
CAGR +6.3%2
Controlling Equity
8.2Bn
CAGR +3.3%2
55
Strategy
G r u p o S U R A
INVESTMENT | W h o w e a r e ? |
MANAGER | We are an investment manager |
SUSTAINABLE | W h a t d o w e w a n t ? | |
PROFITABILITY | Sustainable profitability | |
Generación | Harmonious development | |
de valor | of society | |
H a r m o n i o u s c a p i t a l m a n a g e m e n t | ||
Economic Natural | Human | Social |
H o w d o w e d i f f e r e n t i a t e ?
OWN APPLIED KNOW-HOW | Through our own applied knowledge |
Latin America | |
Aggregate view of our portfolio | |
Financial and related services | |
Best management practices |
STRATEGIC PILLARS | W h a t a r e w e l e v e r a g i n g ? | ||||
In our | |||||
strategic pillars | |||||
Communication and | Financial | Risk | |||
relationship with | Applied research | management | |||
management | |||||
the environment | |||||
Human | |||||
talent | |||||
6 | |||||
OUR CORPORATE PRINCIPLES | RESPONSABILITY | FAIRNESS | TRANSPARENCY | RESPECT |
SURA AM
Investment Manager with the strategic objective of obtaining
Sustainable Returns.
Financial services footprint
COUNTRIES1
10
CLIENTS1
+ 73 MM
EMPLOYEES1
+ 60K
DIVIDEND SHARE BY | SHARE OF DIVIDENDS | ||||
COMPANY LAST 10 YEAR | BY COUNTRY 20232 | ||||
Grupo Argos | Peru USA Others | ||||
8% | Sura AM | ||||
Nutresa | 3% | 3% | 9% | ||
34% | |||||
11% | Chile | ||||
6% | |||||
Panama | |||||
Suramericana | 7% | ||||
14% | |||||
Mexico | Colombia | ||||
Bancolombia | 12% | 60% | |||
33% |
Shareholders3
Other | |
shareholders | |
~70%3 | 51%3 | ~30%3 | 49%3 |
Risk Rating
Local: Fitch AAA
International: Fitch y S&P BB+
1 Figures grouping the financial companies in the portfolio: Suramericana, Sura Asset Management and Grupo Bancolombia
2 Pro forma figures: Expected dividends for 2023 adjusted: 1) excluding Nutresa dividends and 2) higher stake in Grupo Argos due to a final post-transaction scenario (10.1% tender offer half in swap and half in cash) and subsequent liquidation of new portfolio company.
3 Same Tender Offer scenario as 2. With prior authorization from the SFC, part of the restitutions corresponding to Grupo SURA and Grupo Argos will be contributed to autonomous patrimonies in which the exercise of voting rights will be suspended. Therefore, control situations will not be configured.
7
Compound annual growth in equity was 19.4% since 2000.
Portfolio value
46 times
CAGR 19.0% | ||||||||||||||||||
53% | 72% | |||||||||||||||||
47% | 28% | |||||||||||||||||
4.6 | 5.8 | 8.7 | ||||||||||||||||
2.0 | ||||||||||||||||||
0.2 | ||||||||||||||||||
2000 | 2005 | 2010 | 2015 | 2022 | ||||||||||||||
Financial services | Industrial | |||||||||||||||||
Equity
52 times
CAGR 19.1%
2.2 | 4.4 | 5.6 | 7.8 | |
0.1 | ||||
2000 | 2005 | 2010 | 2015 | Sept 2023 |
Net income
2000 | 2010 | 3Q23 | |||
-$9 MM | $155 MM | $553 MM |
Net income per share
2000 | 2010 | 3Q23 | |||
-$0.04 /share | $0.33 / share | $0.95 / share |
Book value per share
2000 | 2010 | 3Q23 | ||
$0.50 / share | $8.66 / share | $12.42 / share | ||
25 times | ||||
CAGR 15.4% | ||||
Source: Grupo SURA Annual Reports and Capital IQ. September 2023 figures do not include deferred tax of USD $140 million. | 88 |
Figures in USD billion except per share figures. Valuation methodologies and multiples have varied over the years. |
Leveraged by improved investment portfolio performance
11.0%
9.7% | 9.9% |
9.1% | |
8.5% | 7.9% |
2.0%
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Sept 2023 LTM | |
Adjusted ROE | |||||||
*ROE adjusted by; 1) The amortization of intangibles resulting from acquisitions is added to net income 2) In the equity, the valuations of associates and cross-shareholdings between Grupo Argos and Grupo SURA are excluded in order to compare the figures of equity and net income 3) For the calculation of this year's indicator, the deferred tax for the Nutresa transaction (COP 618 billion), the impacts of Argentina and El Salvador (COP 85 billion) are added. 4) As of this quarter, the Nutresa investment is excluded from equity since the equity method is not being recognized.
9
Accompanied by portfolio diversification and increased contribution from financial services companies
93 | ||
62 | 14% | |
14% | ||
12% | ||
20% | 27% | |
13% | 8% | |
13% | ||
54% | 39% |
105
14%
11%
21%
17%
37%
136
11%
9%
35%
12%
32%
Received dividends by Grupo SURA USD millions
2011 - 2023E
6.1x
CAGR 16%
255 | ||||||||||||||
238 | ||||||||||||||
235 | ||||||||||||||
216 | ||||||||||||||
13% | ||||||||||||||
202 | ||||||||||||||
10% | ||||||||||||||
9% | ||||||||||||||
186 | 8% | |||||||||||||
177 | 8% | |||||||||||||
8% | 8% | |||||||||||||
10% | ||||||||||||||
7% | 152 | |||||||||||||
11% | ||||||||||||||
9% | 8% | 29% | 25% | |||||||||||
8% | 9% | 44% | ||||||||||||
17% | ||||||||||||||
52% | 36% | 4% | ||||||||||||
44% | 41% | 17% | 3% | |||||||||||
34% | ||||||||||||||
12% | 11% | 16% | 17% | 16% | 50% | |||||||||
29% | ||||||||||||||
27% | 23% | 31% | 22% | 23% | 36% | 17% |
378
12%
8%
18%
13%
48%
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | |||||
Bancolombia | Suramericana | Sura AM | Grupo Argos | Nutresa | |||||||||||||
Source: Grupo SURA. Figures in USD millions at 3Q23 exchange rate. | 10 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Grupo de Inversiones Suramericana SA published this content on 26 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 December 2023 16:23:43 UTC.