Grupo de Inversiones Suramericana S A : 2026 Q1 Earnings Report

About this update from Grupo De Inversiones Suramericana S.a.

Written premiums reached COP 5.ó trillion at the end of the first quarter, remaininq stable compared to March 2025. This performance reflects, on the one hand, the increase recorded in Suramericana S.A., mainly driven by the Life segment, and on the other hand, the contraction in SURA Asset Manaqement S.A., specifically in its subsidiary Asulado Sequros de Vida S.A., where a lower issuance of annuities was observed, a trend consistent with sector dynamics. Fee and commission income totaled COP 1.3 trillion, representing a growth of 11.1â compared to March 2025, supported by the solid performance of the two business lines of SURA Asset Management S.A.: Savings and Retirement and SURA Investments. The equity method stood at COP 353,745 million during the first quarter of the year, registering a decrease of 17.5% compared to the same period in 2025. This variation is mainly due to the impact of the Wealth Tax recognized by Grupo Cibest S.A. for COP 37t,045 million in the quarter. Investment income reqistered a value of COP 1.2 trillion in March, 50.ó% or COP 399,128 million in addition to the result of the same period of the previous year. This is reftected in a hiqher result of the net return on investments at amortized cost and hiqher net qains on investments at fair value from Asulado in SURA Asset Manaqement. Finally, total revenues reached COP 7.7 trillion at the end of the first quarter, increasing COP ó84,475 million, that is, 9.8à compared to 2025. Retained claims increased by 10./i@ compared to the result of the first three months of the previous year, mainly explained by Asulado Sequros de Vida S.A. in SURA Asset Management S.A. associated with the payment of pension insurance claims. This effect was partially offset by lower claims retained in Suramericana S.A., both in the P&C and Life segments. Operating expenses l increased 11.6@ for the first three months of the year compared to March 2025 mainly due to higher administrative expenses derived from the Wealth Tax, a value that represented COP 177,997 million. In addition, higher expenses for commissions to intermediaries were recorded in Suramericana S.A., because of the change in the composition of products and distribution channels. Operatinq profit totaled COP 1.2 trillion, reqisterinq a qrowth of 3.ó% compared to the same period in 2025, reflectinq the performance of revenues and discipline in the management of operatinq expenses, excludinq the one-time impact of the Wealth Tav Controlling net income amounted to COP 508,57ti million, with a decrease of 2.OF compared to the first three months of 2025. Notwithstanding the impact of the Wealth Tax in this period, the results reflect the good performance of the companies. Return on equity (adjusted ROE) stood at 13.8@ as of March 2026. ‌' Calculated as the total costs and expenses, excludinq retained claims. SUFO GRUPO O c " cop 7.7 trillion +9.8 to vs Mar 2025 coP 1.2 trillion +3.D to vs Mar 2025 COP 509 billion -2.0 % vs Mar 2025 suramer cono cop 4.8 trillion +7.2%' vs Mar 2025 53.1% vs 57.9% Mar 202ó vs Mar 2025 coP 202 billion -1.1 % vs Mar 2025 Written premiums durinq the first quarter reached COP 4.8 trillion with a qrowth of 7.2@' compared to the same period of the previous year. Performance was led by the Life seqment, which achieved a qrowth of 15.1@, driven by voluntary health solutions, vvhich qrevv 18.t%. Additionally, the occupational risk solution contributed to a qrowth of 18.8@ leveraqed on a q eate number of insured persons and Contribution Base lncome (IBC) compared to the same quarter of the previous year. For its part, the P&C seqment showed qrowth of 0.3@* durinq the quarter, hiqhliqhtinq the performance of cars in Chile and the life solutions in the Mexico subsidiary that are consolidated in this seqment. These qrowths are mitiqated by the lower sales of SOAT in Colombia and the persistence of a soft market in the car portfolio, mainly in Colombia and Brazil, which continues to pressure the qrowth of the seqment. Revenue from services rendered of health and insurance assistance companies q ew by 17.ó@, driven by the operations of IPS Sura and Diaqnostic Aids in Colombia. Claims ratio durinq the hrst quarter closed at 53.1%, decreasinq to z75 bps compared to the same period of the previous year. This better technical performance was reftected in the P&C seqment, where the indicator stood at 49.2à, with a reduction of 352 bps compared to the same period of the previous year, due to the portfolios of companies that reqistered lower high-severity claims. In the Life seqment, the indicator closed at ó2.3%, with a decrease of 480 bps compared to 1O25, driven by the reduction in occupational risk claims and by the health solution, which showed a lower frequency in the use of services. Net fees indicator stood at 20.8â with an increase of 221 bps compared to the same period of the previous year, explained by a greater participation of the Life segment that has a higher commission indicator than the P&C segment, in addition to a greater participation of the affinity channel characterized by having a higher acquisition cost. For its part, administrative expenses during the first quarter reached an indicator of 1ó.1à with an increase of 57 bps compared to the first quarter of 2025. In 202ó, the indicator incorporates the Wealth Tax in Colombian companies with a total impact of COP 83,551 million, excluding this effect the indicator stands at 14.5à, decreasing 103 bps compared to the same quarter of the previous period. Investment income reached COP 5ó7,702 million in the first quarter of 2026, an increase of 2.OM compared to the same quarter of 2025. This increase was leveraged by an investment base that g revv 8à and a profitability that exhibited a moderation of 40 basis points, in a context of lower levels of inftation and interest rates in subsidiaries excludinq Colom bia, vvhile in Colombia portfolios vvere affected by increases in interest rates that affected securities valued at the market. in the context of high fiscal and electoral uncertainty. It is expected that in the followinq quarters of 2026 the return of the investment portfolio will increase due to inftationary pressures in the region, a factor to which around ó0à of the portfolio is indexed. Controlling net income during the first quarter stood at COP 201,962 million, decreasing 1.1@ compared to 2025 and reaching a tanqible return of 15.OF, higher than the cost of capital. ‌Chanqe 96 at constant rate excludinq exchanqe rate effects. COP 1.1 trillion +12.5 % vs Mar 2025 SUFO ASSET MANAGEMENT cop 548 billion +38.1 % vs Mar 2025 cop 2&7 billion +13.8 % vs Mar 2025 At the end of March, the consolidated AUM stood at COP 808 trillion, qrowinq by 1z.3@ compared to the first quarter of 2025. Both businesses contributed: Savinqs and Retirement reqistered a growth of 1z.ó°Z in the last 12 months, with growth supported by hiqher contributions that contributed COP 52.ó trillion, in the return on assets that, althouqh impacted by the decline in the markets in the first quarter of 2026, contributed COP 75.5 trillion, and in the advances of the commercial strateqy, which translated into COP 8.9 trillion of net trade flovv, accumulatinq hve consecutive quarters in positive territory. SURA Investments S.A., for its part, qrew 12.OM, mainly leveraqed by the expansion of the Wealth Manaqement (+17.9@) and Corporate Solutions (+1zï.zï@) segments. Commissionable AUM 3 represented approximately 52% of total assets, remaininq the Company's main driver of recurrinq revenue qeneration. This item closed with a variation of 15.7@ compared to March 2025 and an implicit fee close to 0.7à. The commissionable salary base showed a growth of 10.z@ in 1O2ó. The business in Colombia, which contributed z7@ of this item, showed the hiqhest growth (+13@), mainly explained by the adjustment of the minimum waqe for 202ó, which was reflected in hiqher salary levels of affiliates. In Chile and Peru, the vvaqe base also showed an acceleration, driven by the increase in real waqes and by a chanqe in the composition of the portfolio towards affiliates with hiqher salary levels. Fee and commission income maintained double-diqit growth, with a variation of 12.5@ compared to the same period of the previous year, consistent with the trend observed during 2025. Fees and commissions on AUM showed the qreatest dynamism, with a growth of 19.3à, hiqhliqhtinq the performance of Afore SURA in Mexico, as well as Severance and Voluntary Pensions in Colombia, vvhich qrevv 1z.5% and 1zï.3@, respectively. For its part, SURA Investments presented a growth of 12.1 in this line, explained by the increase in AUM and the stability in fees. On the other hand, commissions on flow^ reqistered a variation of 3.8@ compared to the first quarter of 2025, lovver than the expansion of the commissionable salary base. Despite a qeneralized improvement in averaqe waqes in all countries, this behavior is mainly due to requlatory adjustments in Protección, where pension insurance vvent from 2.53% to 2.73a, because of the chanqes derived from the decrees associated with the increase in the minimum waqe and its coveraqe mechanism'. This adjustment reduced the net fee of the mandatory product, impactinq revenues compared to the previous year. The averaqe fee on the consolidated salary basis stood at 1.OM in the quarter. The insurance marqin, once reciprocal transactions have been eliminated, reached COP 107,t15 million, with a growth of 137.OF compared to the first quarter of 2025. This result was explained by the performance of Sequros de Vida Chile S.A. and by the evolution of Asulado, which recorded an improvement in the insurance margin explained by a lower claims ratio and a better result of the line of investments that support insurance reserves compared to the previous year, associated with higher returns in an environment of higher inflation. However, decrees related to the minimum wage and landslide coverage in Colombia continue to put pressure on the insurance business and could introduce additional volatility in the insurance margin in the coming quarters. Leqal reserves were positive in the first quarter, although lower than that recorded in the same period of the previous year, in the context of greater volatility in the markets mainly associated with qeopolitical tensions, with a more marked impact during ‌The AUM includes the followinq businesses: Afore SURA in Mexico (Mandatory and Voluntary Pensions), AFP Protección in Colombia (Voluntary Pensions and Severance Payments), AFP lntegra in Peru (Mandatory Pensions: Balance Collection Population and Voluntary Pensions), AFP Capital in Chile (Voluntary Pensions) and SURA Investments. ‌'They come from the commissionable salary base of the followinq businesses: AFP Capital in Chile (Mandatory Pensions), AFP Protección in Colombia (Mandatory Pensions), AFP Inteqra in Peru (Mandatory Pensions: population charqed by ftow, prior to the 2013 reform], and AFAP SURA in Uruquay. ‌"Decrees 1zïó9 and 1zï85 issued in December 2025. Chanqes 6 of SURA Asset Manaqement are at constant rates excludinq currency effects. the month of March. This dynamic translated into a year-on-year decrease of 73.5@ in this line. The annualized implied return (yield) stood at 1.5@, compared to b.4°A in the first quarter of 2025. Investment income^, other than legal reserves, presented a behavior consistent with this dynamic, registering lower returns as a result of market volatility. The other operatinq income line showed significant growth in the quarter, explained by an extraordinary effect of the release of provisions associated with the previous self-insurance scheme of Protección S.A. This behavior is mainly due to adjustments in actuarial parameters derived from hiqher market rates, which reduce the balance sheet requirements for the period. However, uncertainty persists reqardinq the implementation of Decree lz85, related to the coveraqe of the minimum vvaqe, and, as the year proqresses, new provisions could be constituted. Operating expenses increased by 13.2@ year-on-year, impacted by regulatory developments in Colombia associated with the 23a increase in the minimum wage and the recognition of the Wealth Tax In addition, the expenses associated with the implementation of the pension reform in Chile also pressured the variation of the period. Operatinq profit reached COP zi99,ó15 million, with a qrovvth of 2zL8@ compared to the hrst quarter of 2025, explained by the good operatinq performance of the business, which allowed it to absorb extraordinary items from the period. Double-diqit qrowth in fee income, outpacinq the increase in operatinq expenses, drove the improvement in marqins. In line with the above, the EBITDA marqin showed an expansion compared to the previous year, qoinq from 40.4°A to z1.3@ with eqa reserves, and from 3ó.2%to zi0.5à vvithout eqa reserves. Controllinq net income closed at COP 26ó,ó89 million, with a growth of 13.8à compared to the fìrst quarter of 2025. This result translated into an improvement in prohtability indicators, with a ROE of 11.4% and a ROTE of 28.óà, compared to 8.2à and 21.6à in March 2025, respectively. ‌^ They include Other Investment Income and Other Gains and Losses at fair value. They are mainly made up of the return on capital balances intended to cover pension risk in Colombia and the Seed Capital for the development of SURA Investments' funds.

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