Last updated: 20:24 / Thursday, 7 November 2013
Low Debt Coefficent

Grupo SURA Closes a Positive Quarter With a 28% Annual Growth in Revenues

Grupo SURA Closes a Positive Quarter With a 28% Annual Growth in Revenues

Grupo SURA published its 3Q13 results, a period that highlights operating revenues amounting to COP 304,919 million (USD 160 million). The above represents, so far this year, a total sum of COP 702,313 million (USD 368 million) with a 28% annual growth.

Likewise, the accumulated net profit was COP 593,647 million (USD 311 million), with a 29.3% annual increase. Net contribution in the quarter was COP 244,217 million (USD 128 million), which represents a 293% increase compared to 2Q13, and 89% higher than the same period in 2012.

The sound performance in 3Q13 is based on the good operating results of subsidiaries Suramericana and SURA Asset Management, and on the recovery of global markets reflected on investment yields as well as the dividends registered on the income statement of Grupo SURA. 

Figures backing the sound financial position

On the other hand, the Company's assets reached COP 22.3 billion (USD 11.7 billion), a figure that displays an 8.2% increase compared with June, 2013, and a 3.15% increase at the end of 2012. With regards to Total Liabilities, a 15.8% decrease was achieved in the quarter, with closes at September with a historically low financial indebtedness coefficient of 2.2%. In addition, the result of the rating revision made by Standard & Poor's is worth highlighting, which climbed from BBB- to BBB with stable outlook. This improved rating sheds light on the Company's strengths in terms of the consolidation of its operations in Latin America, the performance of its businesses in different countries, the financial soundness of its investments. Indeed, S&P acknowledges, among others, the Company's flexibility to access capital, sound investments portfolio, and stable flow of dividends.

Moreover, the financial results are supported by the Company's inclusion, for the third year in a row, in the Dow Jones Sustainability Global Index, which assesses the social, economic and environmental performance of organizations. Grupo SURA obtained an important valuation in the economic setting, displaying one of the best scores.

It is also worth highlighting that the Company in Q3 successfully completed the merger process after acquiring 50% of AFP Horizonte in Peru, a process made by SURA Asset Management, subsidiary of Grupo SURA. The merger was completed within the terms set forth when the purchase was announced. The pension funds of subsidiaries rising from AFP Horizonte, assigned to AFP Integra, are already being managed by this pension fund manager of SURA, turning Integra into a largest pension fund of Peru.

"We are extremely satisfied with the Company's results of the end of the quarter. Operations in different countries still display a good performance, our growth plans are still underway in accordance with the estimates made, and the market performance was favorable as well. Likewise, today we have a historically low debt indicator thanks to a rigorous plan implemented for this purpose since early 2012, which confirms the Company's sound financial standing," said David Bojanini, President of Grupo SURA.