Grupo De Inversiones Suramericana S.a. · BVC:GRUPOSURA
Grupo De Inversiones Suramericana — Q3 2019 Earnings Presentation
67 slides from Grupo De Inversiones Suramericana's earnings presentation, November 2019
Slide 1: Grupo SURA Corporate Presentation Q3-2019
Grupo SURA Corporate Presentation Q3-2019
Slide 2: Disclaimer
Disclaimer 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 accounting, and therefore may differ fr
Slide 3: Leading Financial Services Group in Latam
Leading Financial Services Group in Latam with a solid and diversified portfolio 11 countries 51 million clients #1 PENSION FUND #1 INSURANCE #1 COLOMBIAN INDUSTRIAL MANAGER COMPANY BANK INVESTMENTS in Latam, with a in Colombia, with an with a leading with relevant positions growing voluntary establ
Slide 4: Diversified Investment Portfolio
Diversified Investment Portfolio and other investments Cement, energy Insurance, trends and infrastructure and risk management 35.2% S TAKE * 1% 81.1% S TAKE 11% 21% 12% USD Processed food 10.1bn 35.2% S TAKE 26% Pensions, asset and 29% wealth management 83.6% S TAKE Universal banking 46.1% S TAKE *
Slide 5: History & Growth Stages
History & Growth Stages INSURANCE INTERNATIONAL LEADERSHIP EXPANSION in Colombia Multi Latin, financial services group 1 9 4 4 / 1 9 9 0 2 0 0 7 / 2 0 1 6 1 9 9 0 / 2 0 0 7 2 0 1 7 - FINANCIAL FOOTPRINT SERVICES OPTIMIZATION leader in Colombia divestment of annuities business (Chile and Peru) 5
Slide 6: Building a Regional Platform with a Long Term View
Building a Regional Platform with a Long Term View CREATING LONG BECOMING THE AND THE 4TH WITH A FOCUS ON TERM RELATIONS LARGEST PENSION FUND LARGEST LATAM FINANCIAL STRENGTH WITH OUR CLIENTS MANAGER IN LATAM INSURANCE GROUP # of clients AUM Gross Dividends from pension written premiums received fro
Slide 7: Geographic Footprint
Geographic Footprint P O P U L AT I O N CLIENTS FINANCIAL SERVICES 520MM 51MM +1.1% CAGR (2000-2018) I N 11 C O U N T R I E S P E N E T R AT I O N * INSURANCE PENSION BANKING 3.1% vs. 7.8% 31% vs. >80% ~ 4 8 % vs. >150% for advanced countries for US and UK for US and EU D R I V E R S ECONOMIC MIDDLE
Slide 8: Corporate Strategy
Corporate Strategy Purpose: Create well-being and sustainable development for people, organizations and society. Aspiration: to become a referent Latin American Group in the financial services sector, thanks to our ability to evolve and provide superior added value to shareholders and society. STRAT
Slide 9: Portfolio Management Strategy
Portfolio Management Strategy SHAREHOLDER VALUE RETURN ON CAPITAL GROW TH STRATEGIC PROACTIVE CORPORATE ADDING SYSTEMATIC CAPITAL MANAGEMENT AT ACQUISITIONS DIVESTITURES VALUE TO UNITS ALLOCATION A GRANULAR LEVEL BE IN GOOD BUSINESSES BE A BETTER OWNER • Focus on value • After an intensive • Underst
Slide 10: Grupo SURA's Financials Evolution
Grupo SURA’s Financials Evolution CONSOLIDATED REVENUES* HOLDING COMPANY RECEIVED DIVIDENDS 310 308 6.2% -0.8% 11% ~3.4x 284 262 31.2% 6,590 2010 Dividends 251 5,988 5,939 5,641 185 Bancolombia 4,301 169 S U R A AM 137 G r u p o Ar g o s 91 93 Grupo Nutresa Protección Suramericana Other 2015 2016 20
Slide 11: Adjusted ROE
ADJUSTED ROE With an upward trend ADJUSTMENTS TO ROE Net Income: • Addback of non-cash expenses related to M&A 12% 10.6% Equity 11% 9.3% 9.1% • Associates and their portfolios, which are valued close to market prices 9.7% 10.3% 9.1% Normalized Adjusted ROE • Returns on legal reserves from mandatory
Slide 12: Our Portfolio
OUR PORTFOLIO Estimated value 1.1 0.1 10.1 1.2 8.3 2.7 -1.8 >30% 5.4 Discount 2.1 2.9 SURA AM SURAMERICANA BANCOLOMBIA GRUPO GRUPO OTHER PORTFOLIO HOLDCO DEBT + PORTFOLIO MARKET NUTRESA ARGOS VALUE NPV OF TAXES & VALUE (-) CAP. EXPENSES DEBT M AR K E T C AP I TAL I Z AT I O N Current Market Cap impl
Slide 13: Grupo SURA Individual Debt
Grupo SURA Individual Debt DEBT 550 M AT U R I T Y P R O F I L E » C R E D I T R AT I O S » NET DEBT/ 300 DIVIDENDS (FTM) 27 70 136 146 48 83 29 28 4.65x - Max. 5x - 2019 2020 2021 2022 2023 2024 2026 . 2029 2030 . 2049 BANKS INTERNATIONAL LOCAL BONDS REPOS LIQUIDITY BONDS 1.14x » F I N A N C I A L
Slide 14: Excellent Results with Positive Operational Performance
EXCELLENT RESULTS WITH POSITIVE OPERATIONAL PERFORMANCE And return on investments that offset specific impacts in some operations OPERATING REVENUES OPERATING EXPENSES OPERATING INCOME • Double digit growth in main • Focus on efficiency and USD 748 MM USD USD 26.3% businesses cost control 5.0 bn • I
Slide 15: Consolidated Net Income Grows 35%
CONSOLIDATED NET INCOME GROWS 35% Driven by the results of associates and SURA AM, showing the benefits of a diversified portfolio GRUPO SURA & OTHER* USD +11 MM +35% +39.5% 12 1 7 461 76 -3 -6 +42.5% 63 -24% 341 -29 PARENT COMPANY’S NET INCOME USD 409 MM 39.1% NET NET INCOME NET INCOME EQUITY FX EF
Slide 16: Suramericana
Suramericana #4 LATAM MULTICHANNEL DIVERSIFIED INSURANCE APPROACH BUSINESS MODEL GROUP developing new Geography with an established channels throughout growth platform in 9 the region 30% countries of GWP outside Colombia #1 INSURANCE 22,100 Business lines COMPANY agents 45% P&C 20,400 in Colombia w
Slide 17: Corporate Strategy
Corporate Strategy Provide well-being, Human talent Increase current clients’ Sustainable ROE competitiveness and and Trends & Risks loyalty, to drive attraction and above cost of equity sustainability to people Management growth of new clients and businesses ENVIRONMENT EMERGING RISKS CONSUMER AND
Slide 18: Competitive Strategy
Competitive Strategy WE COMPETE IN WE MANAGE HUMAN VALUE OPERATIONAL + ALLIANCES REGULATION TECHNOLOGY CAPITAL TALENT PROPOSITION MODEL S U S TAI N AB I L I T Y OPERATING EFFICIENCY L O N G - TE RM R E L AT I O N S VAL U E C R E AT I O N 18
Slide 19: Design
Design Today´s markets Trends MANAGE Strategic UNCERTAINTY Emerging Operational Risks FROM SOLVE TO EMPOWER BALANCE FINANCING - MANAGING Segments Products Finance Solutions Manage Competence
Slide 20: Design
Design SURA today Trends MANAGE Strategic UNCERTAINTY Emerging Operational Risks FROM SOLVE TO EMPOWER BALANCE FINANCING - MANAGING Segments Products Finance Solutions Manage Competence
Slide 21: Design
Design SURA in the future Trends MANAGE Strategic UNCERTAINTY Emerging Operational Risks FROM SOLVE TO EMPOWER BALANCE FINANCING - MANAGING Segments Products Finance Solutions Manage Competence
Slide 22: Common focus in all countries
Common focus in all countries • Ability to read the eviroment and • Whole life solutions CONSUMER trends SOLUTIONS • UY, MX 2018 • Understand how social trends are • ARG, CH 2019 changing consumer behavior • BR 2020 • Dynamic multidimensional • Focus on SME segment segmentation (DMS) • Empresa SURA
Slide 23: Suramericana's Financials Evolution
Suramericana’s Financials Evolution OPERATING REVENUES CLAIMS AND EXPENSE RATIO 3.9% 11.7% 5,247 22.4% 95.2% 4,517 4,695 93.3% 92.3% 94.6% 93.4% 1,170 55.2% 3,690 807 1,002 4,077 59.4% 60.4% 59.4% 54.8% 54.8% 675 3,710 3,693 2,377 3,015 561 15.6% 16.6% 15.5% 15.3% 14.8% 1,816 2015 2016 2017 2018 201
Slide 24: Suramericana Continues with Positive Revenue Growth
SURAMERICANA CONTINUES WITH POSITIVE REVENUE GROWTH But specific impacts like in Argentina and Health sector in Colombia affected net income WRITTEN REVENUES FROM NET INCOME RETAINED PREMIUMS + REVENUES PREMIUMS SERVICES SERVICES RENDERED 2019 RENDERED USD USD USD 3% El Salvador 1% Dominican Rep. 2.
Slide 25: SURA Asset Management
SURA Asset Management MANDATORY SAVINGS AND ASSET PENSION INVESTMENTS MANAGEMENT Stable cash flow Underpenetrated Regional platform AUM (bn) generation business business with high connecting Latam to 45 growth potential the world 34 29 88% 6% 6% AUM AUM AUM 20 3 5 AUM AUM AUM USD 125 bn USD 10 bn US
Slide 26: Corporate Strategy
Corporate Strategy OUR PURPOSE Helping our clients to achieve their dreams and goals STRATEGIC GUIDELINES » Our client in the center of our strategy » Core guidelines for the development of our businesses » Capacity development through transversal enabling strategy guidelines ALIGNING OUR BUSINESSES
Slide 27: Sustainability of Mandatory Business
Sustainability of Mandatory Business Relationship with stakeholders, seeking Financial and pension Efficient and innovative New business and the improvement of education Business Models. value offer for retirees. pension systems and its understanding . KEY FIGURES Q3-2019 (YTD) COMMISSION OPERATING
Slide 28: Transformation of Wealth Management Business
Transformation of Wealth Management Business Brand positioning Differentiated advice . Products, solutions Attraction of new “Inversiones SURA”. and platforms clients and cross-sell increasing value to existing clients. proposition. KEY FIGURES Q3-2019 (YTD) OPERATING AUM AUM GROWTH REVENUES +11.1%
Slide 29: Development of the Asset Management Business
Development of the Asset Management Business Regional platform and High standards in Relationship with business model. portfolio management institutional clients and backed by SURA’s product development reputation. in Latam. KEY FIGURES Q3-2019 COMMISSION AUM AUM GROWTH INCOME -2.5% USD 43MM USD 10.
Slide 30: SURA AM's Financials Evolution
SURA AM’s Financials Evolution AUM COMMISSION INCOME 141,215 601 645 543 566 115,737 120,364 517 66 73 47 60 569 97,487 41 534 93,376 476 495 506 4.9% 4.3% 6.1% 7.3% CAGR 4.4% 18.7% 4.0% 17.3% Mandatory 4.9% Voluntary 16.5% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Mandatory pension LTM Volu
Slide 31: SURA AM: 52% Growth in Net Income
SURA AM: 52% GROWTH IN NET INCOME explained by return on legal reserves and operating growth TOTAL NET INCOME 7% Investment CLIENTS (CONTINUED OP.) Management Unit USD 4% El Salvador 20.2 million 209 million 2.3% 52.4% 31% Chile 22% Protección TOTAL AUM Include 141,000 new affiliates from tender pro
Slide 32: Bancolombia
Bancolombia COLOMBIA’S LEADING OVER 14 MM CLIENTS FINANCIAL INSTITUTION with access to a strong with a strong presence in distribution network Central America 6,019 ATMs, 1,005 branches and 13,731 banking kiosks LOANS FUNDING MARKET SHARE COLOMBIA SALVADOR PANAM A Loans Loans Loans 26.6% 26.2% 11.0%
Slide 33: Grupo Nutresa
Grupo Nutresa LARGEST PROCESSED PRESENCE IN 72 FOODS GROUP IN COUNTRIES, owns 30 COLOMBIA production plants in Colombia, STRONG as measured by market 16 outside of Colombia and its BRANDING share in all of the market own distribution network in 14 WITH VALUE segments it serves countries ADDED PRODUC
Slide 34: Grupo Argos
Grupo Argos STRATEGIC FOCUS SOLID TRACK RECORD HOLDING COMPANY in Cement, Energy, Road building regional platforms with a solid and articulated and Airport Concessions portfolio with USD 15.5 Cement and RMC* billion in AUM # 1 in Colombia With a balance in terms of # 2 in RMC and # 4 in regions, cur
Slide 35: SURA Ventures
SURA Ventures FINTECH Robo-advisory Personal finance platform Mortgage digital market place H E ALT H T E C H Health tech operator Optimizing Access to health systems INSURETECH Digital insurance Mobile sensor data for On-demand Health ecosystem – road safety insurance preventive approach B2B VC FUN
Slide 36: Appendix
37 » APPENDIX GRUPO surda WW 7 A
Slide 37: Diversification
Diversification DIVERSIFIED DIVIDEND STREAM CONSOLIDATED FIGURES Grupo Argos 9% Country Clients Revenues Net Income Assets Grupo Nutresa 10% COLOMBIA 28 58.4% 55.1% 53.4% SURA Asset Management By 43% CHILE 4 16.4% 19.2% 22.6% Company Bancolombia MEXICO 8 9.9% 18.8% 11.2% 21% PERÚ 2 2.4% 8.7% 4.8% Su
Slide 38: Shareholding Structure
Shareholding Structure 27.1% Gru po Argos and 33.7% subsidiarie s Total Outstanding Shares 10.5% Gru po Nutresa 13.0% 28.8% Colombian Pe nsion 581,977,548 21.8% Funds (COMM) (COMM + PREF) Outstanding Outstanding 14.9% Inte rnational Funds 13.4% Common Shares Pref. Shares 4.4% Retail Investo rs 80.6%
Slide 39: Cross Holding Structure
Cross Holding Structure FINANCIAL SERVICES 13% 34%* 35% 35% PROCESSED FOOD INFRASTRUCTURE 12% 10% 40 Stakes in common shares as of December 31, 2018 *Includes stake held in Grupo SURA by Cementos Argos which owns 6% of Grupo SURA’s common shares.
Slide 40: To create well-being and sustainable development
To We manage trends, We adopt responsible We contribute to We engage our We contribute to social create well-being risks and business practices enhance public Stakeholders development, beyond and sustainable opportunities institutions to make decisions business development • Materiality Education fo
Slide 41: Standards and Reports
Standards and Reports DJSI Results Other Initiatives / Standards 100 90 80 70 60 50 40 30 20 Prioritized SDG’s 10 0 Total Economic Dimension Dimensión económica Environmental DimensionDimensión Dimensión ambiental Social Dimension social Grupo SURA 2017 Grupo SURA 2018 Mejor Best Promedio World Worl
Slide 42: Mandatory Pension Fund Segment
Mandatory Pension Fund Segment Contributions to pension funds are Steadily increasing revenues driven AUM tend to be stable, mandatory and correlated to size of by contributions to funds / assets as pensions are “sticky” the formal workforce » Flows into pension funds are a fixed » Fees are retained
Slide 43: Main Characteristics per Country
Main Characteristics per Country 44
Slide 44: Main Characteristics per Country (contd.)
Main Characteristics per Country (contd.) 45
Slide 45: Our Vision
Our Vision Proposals for enhancing a multi-pillared pension system More savings and More efficient Multi-funds Enhancing Incorporating over a longer investment protect against competition alternative period of time portfolios risk investment options Increasing Adequate Extending Enhancing the Creati
Slide 46: Undisputed leadership in Mandatory Pension Business
Undisputed leadership in Mandatory Pension Business 22.8% 19.2% 14.7% 36.7% 38.6% 17.8% 47.5% Ranking 1st Ranking 4th Ranking 3rd Ranking 2nd Ranking 1st Ranking 2nd Ranking 2nd Metlife 9.3% 24.9% 0.0% Prudential 10.9% 28.0% 4.4% Principal 9.3% 19.0% 6.8% Banorte 7.4% 22.4% Grupo AVAL 6.8% 42.9% Cit
Slide 47: Ranking: Insurance companies in Latam
Ranking: Insurance companies in Latam No. Group GWP (million USD) % Growth Market Share Country 2016 2017 2017 2017 1 BRADESCO Brazil 11,663 12,948 11% 8.2 % 2 BrazilPREV1 Brazil 12,795 11,992 -6% 7.6 % 3 MAPFRE Spain 8,096 9,155 13% 5.8 % 4 ITAÚ Brazil 6,382 7,579 19% 4.8 % 5 ZURICH Switzerland 5,9
Slide 48: Market Share 2018
Market Share 2018 MÉXICO 23° 7% 6° 0.78% REPÚBLICA DOMINICANA 1° 18.45% EL SALVADOR PANAMÁ 23.17% 1° 4° COLOMBIA 9.7% Brazil 28° 0.64% 1° 13.93% URUGUAY CHILE 3° 7.16% ARGENTINA 11° Market share 3.03% Ranking 49
Slide 49: Insurance Market Share Evolution
Insurance Market Share Evolution SURA URUGUAY 13.3% 13.1% SURA PANAMÁ 9.7% 8.5% SURA REP.DOMINICANA 7.0% 8.0% SURA SALVADOR 18.4% 18.2% SURA MEXICO 0.8% 0.8% SURA CHILE (GENERALES) 13.9% 14.6% SURA COL (VIDA) 26.4% 29.6% SURA COL (GENERALES) 19.2% 19.1% SURA BRASIL 0.6% 0.6% SURA ARGENTINA 3.0% 2.9%
Slide 50: Insurance Market Penetration
Insurance Market Penetration País 2015 2016 2017 Chile 4.7% 5.0% 4.6% Brazil 3.1% 3.3% 3.2% Argentina 3.1% 3.0% 2.9% Colombia 2.7% 2.8% 2.9% Panamá 2.7% 2.5% 2.4% Uruguay 2.4% 2.4% 2.7% El Salvador 2.4% 2.3% 2.2% México 2.1% 2.3% 2.2% Rep. 1.2% 1.2% 1.4% Dominicana 51 Fundación Mapfre 2017
Slide 51: Q3-2019 Results
52 » Q3-2019 Results GRUPO surda WW 7 A
Slide 52: Excellent Results with Positive Operational Performance
EXCELLENT RESULTS WITH POSITIVE OPERATIONAL PERFORMANCE And return on investments that offset specific impacts in some operations OPERATING REVENUES OPERATING EXPENSES OPERATING INCOME • Double digit growth in main • Focus on efficiency and COP 2.4 tn COP COP 26.3% businesses cost control 16.2 tn •
Slide 53: Equity Growth
EQUITY GROWTH Driven by increase in net income STATEMENT OF FINANCIAL POSITION CONSOLIDATED FINANCIAL DEBT 14% SEP - 19 DIC - 18 Var$ Var% Suramericana Cash, investments and investment 27,043 24,731 2,312 9.3% properties COP 51% Investments in associates 20,041 19,170 871 4.5% Grupo SURA Intangibles
Slide 54: Organic Growth, Investment Income
ORGANIC GROWTH, INVESTMENT INCOME And equity method explain the operating and net income growth CONSOLIDATED INCOME STATEMENT SEP - 19 SEP - 18 Var$ Var% Retained premiums 8,176 7,728 448 5.8% Commission income 2,021 1,836 185 10.1% Revenues from services rendered 2,944 2,396 548 22.9% Investment in
Slide 55: Consolidated Net Income Grows 35%
CONSOLIDATED NET INCOME GROWS 35% Driven by the results of associates and SURA AM, showing the benefits of a diversified portfolio GRUPO SURA & OTHER* COP +34,315 MM +35.0% +39.5% 37,863 2,304 22,920 1,492,831 244,659 (9,522) (19,249) +42.5% -24.0% 203,189 1,105,501 PARENT COMPANY´S (94,833) NET INC
Slide 56: Portfolio's Estimated Value
PORTFOLIO’S ESTIMATED VALUE Isn´t reflected in current market cap 3.9 0.5 35.1 4.1 28.9 9.3 6.2 7.3 10.0 SURA AM SURAMERICANA BANCOLOMBIA GRUPO GRUPO OTHER PORTFOLIO HOLDING´S DEBT PORTFOLIO CAP. NUTRESA ARGOS VALUE + PV OF TAXES & VALUE (-) BURSÁTIL EXPENSES DEBT M AR K E T C AP I TAL I Z AT I O N
Slide 57: Suramericana Continues with Positive Revenue Growth
SURAMERICANA CONTINUES WITH POSITIVE REVENUE GROWTH But specific impacts like in Argentina and Health sector in Colombia affected net income WRITTEN REVENUES FROM NET INCOME RETAINED PREMIUMS + REVENUES PREMIUMS SERVICES SERVICES RENDERED 2019 RENDERED COP COP COP 3% El Salvador 1% Dominican Rep. 9.
Slide 58: Controlled Claims and Expenses
CONTROLLED CLAIMS AND EXPENSES contrast with an increase in health costs and non-comparable expenses CLAIMS + ADJ. RESERVES: SERVICES RENDERED: TECHNICAL RESULT: % RET. PREMIUMS COSTS / REVENUES % OPERATING REVENUES 2,682,350 1,716,324 1,765,116 4,190,638 2,104,775 3,705,212 94.6% RETAINED PREMIUMS
Slide 59: Lower Net Income
LOWER NET INCOME Explained by macroeconomic situation in Argentina and Health Care segment SEGMENTO COP +65,372 MM C O R P O R AT I V O NET INCOME EXC. ARGENTINA +5.5% 20,816 -105% COP 394,843 398,400 MM -24.0% 10.1% 50,814 300,009 (116,110) 10,224 (58,403) (1,208) (966) ADJUSTED ROE*** 10.3% ADJUST
Slide 60: Life Segment: Growth in Premiums, Lower Claims
LIFE SEGMENT: GROWTH IN PREMIUMS, LOWER CLAIMS and investment income offset higher VAT expenses in commissions 8% 14% Premium growth driven by Life Group Other Individual Life and Health. NET INCOME Constitution of reserves in the 32% quarter by normalization of the effect of COP 399,134 MM Workers’
Slide 61: P&C Segment
P&C SEGMENT: Net income excluding Argentina would reach COP 93,000 MM with a 19.8% growth RETAINED PREMIUMS BY COUNTRY sep-19 %Var COP % Var ML Main impacts from Argentina Colombia 1,319 12.1% 12.1% NET INCOME Devaluation affects conversion to COP. Retained Chile 718 0.4% -2.5% premiums without Arge
Slide 62: Health Care Segment: Quarter's Results
HEALTH CARE SEGMENT: QUARTER’S RESULTS indicate the stabilization in claims ratio and the effects of initiatives for cost control YTD QUARTER NET INCOME COP 1,986 MM COP 18,063 MM REVENUES ON SERVICES CO ST S / REVENUES 97% 21% SEP-19 %VAR SEP-19 SEP-18 EPS 2,607,229 24.7% 95.3% 91.8% REVENUES ADMIN
Slide 63: SURA AM: 52% Growth in Net Income
SURA AM: 52% GROWTH IN NET INCOME explained by return on legal reserves and operating growth TOTAL NET INCOME 7% Investment CLIENTS (CONTINUED OP.) Management Unit COP 4% El Salvador 20.2 million 677,096 million 2.3% 52.4% 31% Chile 22% Protección TOTAL AUM Include 141,000 new affiliates from tender
Slide 64: Operating Earnings Grow 61%
OPERATING EARNINGS GROW 61% Driven by return on legal reserves and steady growth in commission income OPERATING REVENUES + Var%: +9.9% +87.5% +407% +63.2% +361.5% +33.0% INSURANCE Local Currencies: +2.4% +86.7% +378% +55.6% +330.9% +24.5% MARGIN 65,781 42,231 2,411,588 255,788 152,985 81,287 COP 2.4
Slide 65: Net Income Growth
NET INCOME GROWTH driven mainly by mandatory pension business C O R P O R AT E SEGMENT +42.3% 46,218 +52.4% 275,278 (3,139) (6,209) 6,517 677,096 (44,721) (41,258) ADJUSTED ROE *** 444,410 8.5% ADJUSTED ROTE *** 30.5% NET INCOME MANDATORY VOLUNTARY ANNUITIES FX EFFECT* FINANCIAL INCOME TAX OTHER* NE
Slide 66: Mandatory Pension: Return on Legal Reserve and Commercial Activity
MANDATORY PENSION: RETURN ON LEGAL RESERVE AND COMMERCIAL activity overcome pressure on lower fees AUM MEXICO Alpha and leadership in returns COP 434 bn 23.4% in main funds OPERATING REVENUES PERU Morningstar recognition 20.4% 18.9% COP 1.97 bn COLOMBIA Equity method from Protección Focus on rejuven
Slide 67: Voluntary Business
Voluntary business GROWTH TREND CONTINUES AUM SAVINGS & INVESTMENTS NET FLOW NET OPERATING REVENUES COP 3.8 bn • A&I: AUM with double digit growth in all COP 34.8 tn RETURNS countries COP 275,708 MM 30.0% COP 2.4 bn • IM: Advances in its objective of doubling AUM and participation of Alternative fun
Grupo de Inversiones Suramericana — Q3 2019 Earnings Presentation on 6ix