Q4 - 2018 Results Presentation
D I S C L A I M E R The forward-looking statements contained herein are based on Management’s current forecasts and outlook. For better illustration and decision-making, figures for Suramericana, SURA Asset Management and its subsidiaries are administrative rather than accountant, and therefore may differ from those presented to entities officers. Thus, Grupo de Inversiones Suramericana assumes no obligation to update or correct the information contained in this presentation. 2
A GEN D A Grupo SURA Consolidated Results Suramericana Insurance, Trends and Risk Managment SURA Asset Management Pensions, Savings and Asset Management 3
Grupo SURA Consolidated Results Q4 2018 4
H I G H L I G H T S » GRUPO SURA • Year of important strategic decisions: affects comparability of figures but business continued with a positive operating dynamics I N V E S T M E N T • Growth of operating income in comparable terms: Life 15.8%, Non-Life 13.3%, Mandatory P O R T F O L I O * 6.1%, Voluntary Savings 10.7%. Other • Consolidated total revenues of COP 19.2 tn decrease 0.8% due to lower retained premiums and 0.6% Grupo Argos investment income Bancolombia 12% 22% • Total expenses decrease 0.4%, explained by lower loss ratios and reserves adjustments, as well Grupo as controlled expenses Nutresa 12% COP 32.1 Tn • Net profit from continuing operations reached COP 1.4 tn, with a 7.6% growth leveraged by operating dynamics and lower taxes Sura Asset Suramericana Management 22% • Divestment of annuities business in Chile had an accounting impact (non cash) of COP 63,063 31% MM, which is reflected in the net profit of COP 1.3 tn, with a decrease of 7.7% *SURA AM valued at the last transaction (CDPQ), Suramericana at 1.8x equity and companies listed • Financing Law (tax reform) Update at market value at the end of the quarter. • Financial Conglomerates Law • Robeco Sustainability Yearbook: Silver Medal in Diversified Financial Services • #3 worldwide in its category 5
S TAT E M E N T O F F I N AN C I A L P O S I T I O N » CONSOLIDATED Total Equity » Assets » 68,993,257 dic-17 26,226,561 dic-17 + 2,080,115 + 674,352 3.0% 2.6% dic-18 71,073,373 dic-18 26,900,912 0. 0 , 00, 10 000. 0 20 , 00, 000. 0 , 00, 30 000. 0 40 , 00, 000. 0 , 00 50 0, 000. 0 60 , 00 0, 000. 0 70 , 00, 000. 0 80 , 00, 000. 0 0. 0 10 , 00 0, 000. 0 20 , 00 0, 000. 0 30 , 00 0, 000. 0 40 , 00 0, 000. 0 50 , 00 0, 000. 0 60 , 00 0, 000. 0 70 , 00 0, 000. 0 80 , 00 0, 000. 0 Liabilities » Consolidated Financial Debt Individual Financial Debt Suramericana 13% USD 21.9% dic-17 42,766,697 + 1,405,764 3.3% Grupo SURA and COP 9.8 tn COP 5.0 tn other subsidiaries 52% +4.9% +0.1% SURA AM dic-18 44,172,460 35% COP 78.1% 0. 0 70 , 00, 000. 0 Figures in COP million 6
E S TAD O D E R E S U LTAD O S I N T E G R AL E S » CONSOLIDADO Var%: -4.2% +6.4% +21.3% -21.3% +0.6% -14.5% -24.0% -0.8% Total Revenues » 597,848 19,399,737 151,705 27,712 19,239,859 (385,301) 6,775 (86,831) (471,787) dic-17 19,399,737 -159,878 -0.8% dic-18 19,239,859 2017 Retained Commission Services Investment Equity Exchange Other 2018 Revenues Premiums Income Rendered Income Method difference Revenues 0 5, 00 0, 000 10 , 0 00, 00 15 00, , 0 00 20 , 0 00, 00 0 Claims + Reserve Adj: % Retained Premiums. Services Rendered: Costs / Revenues Total Expenses » 7,426,578 95.0% 95.1% 6,546,159 66.3% 3,239,205 61.0% 2,669,022 dic-17 17,631,681 -11.9% 21.4% -71,461 -0.4% Admin. Expenses: % of Total Revenues Interest Expense: % of Total Revenues dic-18 17,560,220 3,725,514 3,691,427 625,240 638,632 0 5, 00 0, 000 10 , 00, 00 0 15 , 00, 00 0 20 , 00, 00 0 2017 19.0% 19.4% 3.2% Figures in COP million 3.3% 7 0.9% -2.1% 2018 *Admin. Expenses = Administrative Expenses + Employee Benefits
S TAT E M E N T O F C O M P R E H E N S I V E I N C O M E » CONSOLIDATED NET INCOME Net Income Discont. Oper. Grupo SURA and Other* Net Income 2017 2017: COP 147,410 MM +7.6% -7.7% 1,454,616 1,406,349 10,594 77,619 51,400 63,936 1,343,286 18,281 (63,063) (56,224) (30,886) 1,307,207 (35,577) ∆ Net Income ∆ Net Income ∆ Equity ∆ Exchange ∆ Admin. ∆ Interest ∆ Other ∆ Taxes Net Income Net Income Net Income Net Income 2017 Suramericana Contin. Op. Method*** Diff + Expenses** Cont. Op Discont. Op. 2018 SURA AM Hedging 2018 SURA AM Result Net Income – parent company : COP 1.18 bn (-5.8%) * Grupo SURA and Other (GS) includes Grupo SURA Grupo SURA Finance, Grupo SURA Panama, Habitat and Arus. ** GS Admin. Expenses includes Administrative Expenses, Employee Benefits and Fees at Grupo SURA and Other level. Includes expense related to conciliation process with DIAN in 2017. *** Equity method from associates at Grupo SURA doesn’t include AFP Protección since its already accounted in SURA AM’s net income 8 Figures in COP million
INSURANCE, TRENDS AND RISK MANAGEMENT SURAMERICANA S.A CONSOLIDATED RESULTS 9
H I G H L I G H T S » SURAMERICANA RETAINED PREMIUMS + REVENUES FROM • Positive progress in the consolidation of a regional platform with presence in 9 countries SERVICES RENDERED 2018 • Slight decrease in written premiums explained by strategic decisions Uruguay El Salvador 2% Dom. Rep. • Revenue from services rendered reaches COP 3.2 tn, maintaining excellent growth Panama 2% 1% 3% Mexico dynamics (+ 21.7%) 4% Brazil • Operations outside of Colombia represent 32% of operating income and 43% of retained 3% premiums (without Mandatory Health). Argentina COP 12.8 tn 10% • Improvement of 13.0% in the technical result with growth in all segments driven by decrease of +2.9% Chile 412 pbs in retained claims that ended in 53.3%: 7% Colombia • P&C technical result grew 2.8%, Life Insurance 26.0% y Health Care 19.4%. 68% • Operational expenses were controlled with an increase of 3.2% even with significant investments in projects and technology Car Mandatory Health 19% • Investment income decreased 7.3% due to lower inflation rates in Colombia and the negative 25% behavior of the capital markets. Fire 6% • Net income reached COP 524,867 MM, increasing COP 18,281 MM or 3.6% in the year. Mandatory Other Life Road • Operating results offset lower non-operating revenues. Normalized net income grows 27%. 3% 3% Transport ARL (worker s 2% Adjusted ROE* Adjusted ROTE* comp) Other Non-Life 11% 12.5% 16.3% 12% Health Individual Life 7% Group Life 5% 7% 10 ** ROE and ROTE with net income adjusted for amortization of intangibles associated to acquisitions, divided by average equity and average tangible equity.
S TAT E M E N T O F C O M P R E H E N S I V E I N C O M E » CONSOLIDATED Operating Revenues* » Claims + Reserve Adj.: % Retained Premiums Services Rendered: Costs / Revenues 93.4% 93.3% 5,798,128 5,232,046 59.4% 3,031,725 dic-17 12,436,055 54.8% 2,488,020 355,014 2.9% -9.8% 21.9% +8.3% 12,791,069 dic-18 Technical Result: % Operating Revenues Admin. Expenses***: % Operating Revenues excl. Pension (D&S) 0. 0 2, 00 0, 000 . 0 4, 00 0, 000 . 0 6, 00 0, 000 . 0 00 8, 0, 000 . 0 10 , 00, 00 0. 0 12 , 00, 00 0. 0 14 , 00, 00 0. 0 16 , 00, 00 0. 0 * Retained premiums + Revenues on services rendered 2,699,804 2,377,599 2,616,752 2,104,209 21.0% 21.1% Technical Result** » 18.6% 16.9% 13.0% 3.2% Investment Income Taxes: % de EBT dic-17 2,104,209 273,391 13.0% 17.7% 18.1% 973,723 1,050,782 2,377,599 dic-18 2017 116,015 108,974 6.5% -7.3% 2018 0 0. 1, 00, 000 . 0 2, 00 0, 000 . 0 3, 00 0, 000 . 0 4, 00 0, 000 . 0 5, 00 0, 000 . 0 6, 00 0, 000 . 0 7, 00 0, 000 . 0 8, 00 0, 000 . 0 9, 00 0, 000 . 0 10 , 00, 00 0. 0 **Technical result equals underwriting result before administrative expenses and investment income 11 ***Admin. Expenses = Administrative Expenses + Fees + Amortizations and Depreciations + Impairment. Figures in COP millions
S TAT E M E N T O F C O M P R E H E N S I V E I N C O M E » CONSOLIDATED FIGURES SURAMERICANA S.A. Corporate (Holding) Segment +3.6% 20,102 524,867 506,586 40,592 10,683 28,977 6,669 (50,198) (8,934) (29,609) Net Income Life Non-Life Health Care Exchange Admin. Interest Taxes Other** Net Income 2017 Difference Expenses** 2018 * Admin. Expenses includes Administrative Expenses, Employee Benefits and Fees of the corporate segment. **"Other" variation mainly corresponds to other income and expenses of the corporate segment, as well as the variation in the net income of the "Other" segment, which includes the support operations of Suramericana SA. 12 Figures in COP million
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