Grupo de Inversiones Suramericana S A : 2023 Q4 Corporate Presentation

Corporate Presentation

Grupo SURA

March 2024

	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 3,822 COP/USD (at
	Income Statement figures are converted at an exchange
	rate of 4,325 COP/USD (average of 4Q 2023), other figures
	the end of 4Q 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 / 2023
1944 / 1990			2007 / 2016
				FOOTPRINT OPTIMIZATION
LEADERSHIP IN INSURANCE	FINANCIAL SERVICES	INTERNATIONAL EXPANSION	Organic growth: ~ USD 4.0 bn (New revenues 2017 - 2023)
• Increased profitability
in Colombia	Leader in Colombia	Multi Latin, financial services Group	• Non-strategic divestitures: ~ USD 780* millions
CROSS-EQUITY HOLDINGS	STRUCTURE SIMPLIFICATION	Acquisitions ~ USD +8.8 billion
With companies with aligned	to have a greater focus:
principles and vision	Non-strategic assets
		20.8% in 2002 to 5.2% in 2008

2024 +	Evolution of ownership structure and the focus of
the investment portfolio on financial services

*Non-strategic divestitures totaling ~ USD 780 million includes AFP Crecer closed in 2024 and Habitat expected to close in 2024

For almost 80 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	4
	4

Showing positive evolution since 2014 and opportunities for future growth.

				CAGR2
	#3 INSURANCE GROUP OF LATAM ORIGIN	Premiums1	+18%
	USD 7 Bn
81.1%	Life, P&C and Health
	#1 PENSION FUND IN LATAM	AUM1	+11%
	USD 176 Bn
93.3%	with voluntary savings business
	LEADING BANK IN THE REGION	Assets1	+10%
	USD 90 Bn
46.2% | 24.5%	#1 in Colombia
	INFRASTRUCTURE HOLDING IN AMERICA	Revenues1	+11%
	USD 5 Bn
44% | 33%4	Cement, concessions and energy
		Common shares		Total Shares

1. 2023 figures
2. Compound annual growth from 2014 to 2023
3. Controlling net income in 2023 adjusted for the deferred tax of the Nutresa transaction for USD 140 million, the valuation of derivatives to hedge the OPA price for USD 10 million, the pro forma equity method of Nutresa for USD 22 million, and the impact associated with the sale of the insurance business in Argentina and El Salvador for USD 22 million.
4. 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.

Grupo SURA

Consolidated figures

Revenues1

8.2 Bn

CAGR +13%2

Controlling Net Income 3

536 MM

CAGR +6%2

Controlling

Shareholders Equity

8.0Bn

CAGR +4%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

+ 64K

DIVIDEND SHARE BY	SHARE OF DIVIDENDS
COMPANY LAST 10 YEARS	BY COUNTRY 2023

	Grupo Argos
	8%	Sura AM
Nutresa
	34%
11%

Suramericana

14%

Bancolombia

33%

	USA	Others
Panama	4%	9%
5%
Peru
4%
Mexico		Colombia
9%
		55%
Chile
14%

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.

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Key financial figures have increased significantly over the long term

Equity

Net income

51 times

CAGR +19%

0.2 2.3 4.7

			2000	2010	20231
			-$10 MM	$159 MM	$536 MM
	8.0
6.0

2000 2005 2010 2015 2023

		Book value per share					Net income per share
2000	2010	2023
2000	2010	20231
$0.51 / share	$8.83 / share	$12.66 / share
-$0.04 /share	$0.34 / share	$0.97 / share

24 times CAGR 15%

Source: Grupo SURA Annual Reports and Capital IQ

Figures in USD billion except per share figures. Valuation methodologies and multiples have varied over the years.

1 Controlling net income adjusting for the deferred tax of the Nutresa transaction for USD 140 million, the valuation of derivatives to hedge the OPA price for USD 10 million, the pro forma equity method of

Nutresa for USD 22 million, and the impact associated with the sale of the insurance business in Argentina and El Salvador for USD 22 million.

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Leveraged by improved investment portfolio performance

9.9%10.2%

9.1%9.7%

7.9%

										536
										180
				2.0%		480
274	353						326			356
				52
2018	2019			2020	2021	2022	2023
			Adjustments			Adjusted Controlling Net Income		Adjusted ROE

Figures in USD millions
*ROE adjusted for; 1) The amortization of intangible assets resulting from acquisitions are added to net income 2) Equity excludes the valorization of associates and cross-shareholdings between Grupo Argos and Grupo SURA to
compare the figures of equity and net income 3) For the calculation of this year's indicator, the non-recurring impacts associated with the Nutresa transaction are added, including deferred tax (USD 142 million) and the valuation of
derivatives to cover the value of the takeover bid (USD 10 million), as well as the impacts of the divestment of Argentina and El Salvador (USD 22 million). 4). As of the third quarter, the investment in Nutresa is excluded from equity
since the equity method is not being recognized.	9

Accompanied by portfolio diversification and increased contribution from financial services companies

Received dividends by Grupo SURA USD millions

2011 - 2023

6.6x

CAGR 17%

418

11%

7%

																																	260
																													243			25%
																									239
															220
																														13%
																206
																									10%
																						9%
																			190
											181												8%
													8%						12%
																				8%	8%
														7%		10%													155	25%
																	11%
								139	9%						8%								29%
								8%										9%			44%
																			17%
					108
																36%									4%
			95				11%				52%
																					3%
							9%	44%						41%						17%
				14%																34%
	64	14%			35%
	11%										16%							16%					50%	45%
		12%	21%					12%		11%
20%	27%			12%							17%
17%																29%
13%	8%
13%
54%	39%	37%			32%	27%		23%		31%			22%			23%	36%	17%
2011	2012	2013			2014	2015	2016		2017			2018			2019	2020	2021	2022	2023
									Bancolombia			Suramericana		Sura AM		Grupo Argos			Nutresa

Source: Grupo SURA. Figures in USD millions at 4Q23 exchange rate.

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