Quarterly Overview Firs Quarter 2010
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 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.
Content
1. Financial Review 2. Portfolio’s Main Figure
Financial Review
Balance Sheet Quarters Q. I 10
Q. I 09
Q. IV 09
Mar 10 / Mar 09
Mar 10 / Dic 09
Assets Current assets: Cash and cash equivalents Investments available for sale Accounts receivable Prepaid expenses Current assets Accounts receivable Permanent investments Property, plant and equipment - vehicle Other assets Reappraisal of investments Non current assets Total assets
2,417 354,970 238,216 126 595,729 7,824 9,744,103 84 82 5,031,850 14,783,944
36 82,137 329,258 126 411,558
5,445 161,390 42,218 173 209,226
6559.2% 332.2% -27.7% 44.7%
(55.6%) 119.9% 464.3% (27.2%) 184.7%
10,431 7,824 6,372,147 9,484,776 167 105 75 82 1,978,031 4,993,303 8,360,850 14,478,267
(25.0%) 52.9% (49.5%) 10.5% 154.4% 76.8%
2.7% (19.6%) 0.8% 2.1%
8,002,411
4,564,493
7,646,323
75.3%
4.7%
Financial obligations Commercial paper Other financial obligations Accounts payable Employee liabilities Unearned revenues Estimated liabilities and provisions Current liabilities
19,712 233,652 189,051 136,880 95 107,321 11,575 698,287
29,124 95,000 181,079 126,093 66 105,813 9,105 546,280
3,762 37,811 140 6,019 10,277 58,009
(32.3%) 145.9% 4.4% 8.6% 44.5% 1.4% 27.1% 27.8%
4925.0% 262.0% (31.8%) 1682.9% 12.6% 1103.8%
Financial obligations Bonds
36,750 250,000 286,750
--
49,000 250,000 250,000
0.0%
(25.0%) 0.0%14.7%
985,037
546,280
250,000
80.3%
294.0%
14,394,636
8,226,128 14,338,307
75.0%
0.4%
15,379,673
8,772,408 14,695,316
75.3%
4.7%
75.0%
0.4%
Liabilities and shareholders’ equity
Non current liabilities Total liabilities Total shareholders’ equity Total liabilities and shareholders’ equity Book value (USD)
Figures in million COP
30,689.7
17,538.3
30,569.7
Income Statement Quarter
Trim. I 10 Trim. I 09 Trim. IV 09 Operating revenues Dividends and interests Earnings from the equity method, net Earnings from sale of investments, net Appraisals at market prices, net Reinbursment provsion for investments
Operating administrative expenses Provision for investments Payroll expenses Operating expenses
Operating income Non operating expense (income) Adjustment for diff. in foreign-exchange Bank expenses - commissions Miscellaneous
Income before taxes Income and complementary taxes provision Net income
Figures in million COP
%Var T1-10/T1-09
%Var T1-10/ T4-09
25,709 271,190 30,884 (968) 464
25,852 75,622 23 1,181 491
43,912 109,026 6,891 (84) (959)
(0.6%) 258.6% 132450.6%
(41.5%) 148.7% 348.2%
327,278
103,169
158,787
217.2%
106.1%
-
-
(5.5%)
932 1,798
747 2,299
4,333 996 3,183
24.8% (21.8%)
(100.0%) (6.4%) (43.5%)
2,730
3,046
8,512
(10.4%)
(67.9%)
324,548
100,123
150,275
224.2%
116.0%
7,346 11,593 (0)
(688) 3,490 (86)
778 4,678 317
232.2% (99.7%)
18,939
2,715
5,772
597.6%
228.1%
305,609
97,408
144,503
213.7%
111.5%
(1,360)
(1,088)
(2,045)
24.9%
(33.5%)
304,249
96,319
142,458
215.9%
113.6%
-
-
-
-
-
-
0.0%
844.8% 147.8%
0.0% 0.0% 0.0%
GRUPOSURA
7.2% 2.0%
GRUPOSURA
35.4%
8.9%
200
$ 33,495
180
$ 30,140
160
$ 26,785
140
$ 23,430
Fondos de Pensiones y Cesantías
120
$ 20,075
Inversionistas Institucionales
100
$ 16,720
80
$ 13,365
Inversiones Argos y Filiales Colinversiones y Filiales GNCH y Filiales
31.7% 2.2%
Inversionistas Individuales Fondos Internacionales
M-09
J-09
S-09
GRUPOSURA Índice GRUPOSURA
12.7%
D-09
31-Mar-10 31-Mar-09 GRUPOSURA (USD)
28,280
15,900
Free Float: 49.8%
IGBC (Points)
12,118
8,023
International Funds: 88
COLCAP (Points)
1,441
874
Market Cap (billion COP): 13.3 Price/Book Value: 0.92
* Annual appraisal w ithout dividends - 12 months
Source: Shareholders'Registry as of Mar 31, 2010
M-10
IGBCIGBC Índice
Outstanding Shares: 469,037,260
** Last days appraisal w ithout dividends
GRUPOSURA Price (COP)
SHAREHOLDERS
COLCAP Índice COLCAP
% Var.*
28-Abr-10
% Var.**
77.9%
29,100
2.9%
51.0%
12,369
2.1%
64.8%
1,457
1.2%
Investments Portfolio
Estimated relative weight over the commercial value of the portfolio, which as of March 2010 came to 15.6 billion.
Source: GRUPOSURA Estimated value for Suramericana at 2x book value.
% & '(
)
!
" # $!
Including their commercial value pursuant to accountant standards and the stakes held in the following investment companies: Grupo de Inversiones Suramericana S.A., Portafolio de Inversiones Suramericana S.A., Grupo de Inversiones Suramericana Panama and Inversiones y Construcciones Estratégicas S.A. .
Portfolio’s Main Figures
Suramericana: Insurance and Social Security Investment sub-holding Breakdown of affiliate contributions to SURAMERICANA´S total revenues (March 31, 2010)
MAIN FIGURES
31-Mar-10
31-Mar-09
% Var.
Total assets Current assets Investments
1,195.1 36.7 1,158.4
1,047.8 74.8 963.0
14.1% -50.9% 20.3%
Total liabilites Shareholders'equity
20.7 1,174.4
70.5 977.3
-70.6% 20.2%
Operating income Earnings from Equity Method Operating expenses Net income
198.9 198.9 -2.2 195.7
MARKET SHARE
61.8 0.0 -1.9 59.6
221.9%
La Administradora Otras filiales 0.1% 7.6% Suramericana Panamá 2.3% ARP Sura 11.1%
EPS Y Medicina prepagada Sura 20.4% Generales Sura 25.9%
14.9% 228.5%
Source: Fasecolda
Suramericana 21.0% Other (22) 31.8%
Bolívar 10.1% Estado 4.4%
Liberty 7.7%
Alfa 4.4% Colpatria 5.6%
In thousand million COP
Mapfre 8.1%
Colseguros 6.8%
Vida Sura 32.6%
Life Property and Casualty Health Workers’ Compensation Suramericana Panama (P&C)
31-Mar-10 31-Mar-09 % Var. 268,584 235,446 14.1% 213,219 174,894 21.9% 167,859 155,009 8.3% 91,458 80,761 13.2% 19,320 18,451 4.7%
Insurance and Social Security
760,441
664,560
14.4%
Fixed funds Other affiliates Total
1,065 62,326 823,831
950 55,112 720,622
12.1% 13.1% 14.3%
Seguros Generales Suramericana: (P&C Company) MAIN FIGURES
Written premiums Retained premiums Claims Retained claims Direct operational result Operational expenditures Net operating result Investments result Net income Total assets Total liabilites Shareholders'equity
MARKET SHARE
31-Mar-10 31-Mar-09 % Var. 213.2 174.9 21.9% 144.2 138.3 4.2% -104.0 -99.8 4.1% -80.8 -77.6 4.0% 25.0 16.8 49.0% -33.8 -42.6 -20.8% -8.7 -25.8 -66.2% 109.3 32.3 238.3% 100.1 6.0 1581.2% 1,173.7 822.2 351.4
1,058.6 805.3 253.3
Source: Fasecolda
Other (16) 27.8%
Suramericana 15.9%
Liberty 10.3%
QBE Central 6.5% Bolívar 7.0%
10.9% 2.1% 38.7%
Mapfre 8.5%
Colseguros (Allianz Germany) 8.7% Estado 7.8% Previsora 7.4%
RATIOS
31-Mar-10 Claims ratio 48.8% Net claims ratio 56.0% Commission and brokerage expenses ratio 12.5% Combined ratio 107.1% Expenses ratio 15.8% ROE 33.1% Old ROE 165.9%
In thousand million COP
31-Mar-09 57.1% 56.1% 15.4% 119.7% 24.4% 1.9% 9.9%
Written premiums and claims by branches P&C INSURANCE
Written premiums
Automobile
94,715
23.0%
Fire
37,770
Soat
32,279
Claims 23.7%
65.5%
55.8%
8,218 449.0%
21.8%
12.9%
11,455 -25.5%
35.5%
Transport
5,848 -44.6%
2,249 -70.0%
38.4%
Engineering
7,676
18.5%
2,266 -79.5%
29.5%
Other P&C
34,932
24.5%
17,695
24.2%
213,219
21.9%
103,960
4.1%
TOTAL P&C INSURANCE
62,077
% Gross claims
48.8%
Written Premiums P&C Other P&C 16% Engineering 4%
Automobile 44%
65.5%
Written premiums
% Gross claims
21.8% 35.5%
Transport 4%
38.4%
Soat 15%
In million COP
Claims
Automobile
Fire 18%
Fire
Soat
Transport
29.5% Engineering
Seguros de Vida Suramericana: Life Company MAIN FIGURES
MARKET SHARE
Fuente: Fasecolda
31-Mar-10 31-Mar-09 % Var. Written premiums Retained premiums Claims Retained claims Direct operational result Operational expenditures Net operational result Investments result Net income
268.6 256.7 -172.4 -152.5 21.3 -41.5 -20.3 108.0 87.7
235.4 223.8 -152.3 -141.5 -7.1 -44.4 -51.6 83.0 28.5
14.1% 14.7% 13.1% 7.7%
Other (18) 26.1%
-6.5% -60.6% 30.2% 207.3%
Suramericana 26.5%
Solidaria 3.4% Alico (AIG China) 4.0%
Bolívar 12.7%
ACE 5.2%
Total assets Total liabilites Shareholders'equity
2,580.7 1,963.4 617.3
2,330.0 1,838.5 491.6
10.8% 6.8% 25.6%
Mapfre (Spain) 6.3%
Liberty 6.6%
Colseguros (Allianz Germany) 9.2%
RATIOS
31-Mar-10 31-Mar-09 Claims ratio 68.1% 67.6% Net claims ratio 64.2% 64.7% Commission and brokerage expenses ratio 9.2% 12.0% Expenses ratio 15.5% 18.9% ROE 15.8% 5.0% Old ROE 66.2% 24.9%
) In thousand million COP
Written premiums and claims by branches Mar-10 LIFE INSURANCE
% Var.
Written premiums
Mar-10
% Var.
Claims
Mar-10 % Gross claims
Individual life
61,224
13.1%
34,174
19.6%
55.8%
Health
79,863
18.9%
55,791
11.0%
69.9%
Group life insurance
42,974
12.5%
24,916
19.7%
58.0%
Other life insurance
11,509 -19.9%
7,977 -14.6%
69.3%
Total without annuities and pensions
195,571
12.5%
122,858
12.7%
62.8%
Social Security insurance
39,865
15.7%
38,205
20.2%
95.8%
Annuities and pensions
33,149
22.3%
12,080
4.5%
268,585
14.1%
173,143
13.6%
TOTAL LIFE INSURANCE Savings Fund
4,913 -65.3%
4,240 -69.5%
Written Premiums Life Annuities and pensions 12.3%
Individual life 22.8%
55.8%
Written premiums
Claims
% Gross claims
69.9%
Social Security insurance 14.8%
58.0% 69.3%
Other life insurance 4.3% Group life insurance 16.0% In million COP
Health 29.7%
Individual life
Health
Group life insurance
Other life insurance
Annuities and pensions
ARP Sura: Workers’ Compensation Company MAIN FIGURES
Fuente: Fasecolda Source: Fasecolda
MARKET SHARE Other (6) Liberty 6.6% 1.4%
31-Mar-10 31-Mar-09 % Var. Written premiums Claims Direct operational result Operational expenditures Net operational result Investments result Net income
91.5 -29.3 24.6 -17.4 7.1 13.5 20.7
80.8 -26.8 15.5 -14.6 0.9 24.2 25.1
13.2% 9.3% 58.2% 19.2% 681.1% -44.1% -17.7%
Total assets Total liabilites Shareholders'equity
719.9 572.0 147.8
634.8 519.1 115.7
13.4% 10.2% 27.7%
Bolivar 7.2%
Arp Sura 27.3%
Colpatria 13.9%
Colmena 17.2%
Positiva 22.3%
RATIOS
31-Mar-10 31-Mar-09 Accident rate 1.3% 1.2% Severity rate 0.1% 0.1% Days out of work 229,024 209,812 Average days out of work 12 13 Deaths caused by work accident 29 26
In thousand million COP
EPS Sura: Health Company MAIN FIGURES
Revenues Claims Direct operational result Operational expenditures Net operational result Investments Result Net income Total assets Total liabilites Shareholders'equity
MARKET SHARE
31-Mar-10 31-Mar-09 % Var. 167.9 155.0 8.3% -151.6 136.2 12.4 14.0 -11.5% 0.0 -16.0 -100.0% -3.4 -1.6 112.8% 3.8 0.0 0.3 4.3 -94.0% 173.6 127.9 45.7
152.4 106.1 46.3
13.9% 20.6% -1.2%
Source: ACEMI
Humana Vivir 2.1% Compensar 4.1% Servicio Occidental De Salud 4.3% Sanitas 5.2%
Other (4) 6.6% Grupo Saludcoop 32.1%
Eps Sura 7.8% Famisanar 9.9%
Coomeva 17.7%
Salud Total 10.2% • Affiliates : POS: 1,268,421 Prepaid: 19,885 Complementary plans: 6,815 RATIOS
Net claims ratio Commission expenses ratio Technical equity (USD million) In thousand million COP
31-Mar-10 31-Mar-09 90.3% 87.9% 0.6% 0.7% 33.1 31.8
Suramericana Panama: P&C and Life Insurance Company MAIN FIGURES
Written premiums Retained premiums Net retained claims Direct operational result Operational expenditures Net operational result Investments result Net income Total assets Total liabilites Shareholders'equity
RATIOS
31-Mar-10 31-Mar-09 % Var. 19.3 18.5 4.7% 12.7 12.4 1.9% -6.4 -4.7 35.0% 1.2 2.8 -55.9% -3.0 -2.6 13.7% -1.7 0.2 0.5 0.2 98.2% -1.2 0.4 78.5 57.5 21.0
70.9 48.4 22.5
10.7% 18.8% -6.7%
Claims ratio Retained claims ratio Net operational results ratio Operational expenditures ratio
31-Mar-10 31-Mar-09 33.0% 25.6% 50.4% 38.0% 6.4% 15.3% 15.4% 14.2%
Revenues come mainly from automobiles and life insurance
* In thousand million COP
Bancolombia (individual): Universal bank MAIN FIGURES
31-Mar-10
31-Mar-09
31-Mar-10
31-Mar-09
% Var.
Assets
41,663.9
40,074.9
4.0%
26,508.1
26,302.7
0.8%
% Var.
Igresos por intereses
754.3
1,157.7 -34.8%
Egresos por intereses
167.4
343.7 -51.3%
Net leasing and Loans
Ingreso neto por intereses
523.0
696.6 -24.9%
Net investments
6,549.1
6,024.0
8.7%
Provisiones netas
-62.7
-210.5 -70.2%
Other assets
8,606.6
7,748.2
11.1%
Ingresos por comisiones y otros servicios, neto
239.9
225.2
6.5%
34,921.8
34,158.7
2.2%
Liabilities with cost
21,939.4
21,430.9
2.4%
Otros ingresos operacionales
329.6
220.4
49.6%
Shareholders'equity
6,742.1
7,176.1
-6.0%
1,002.8
906.8
10.6%
Egresos operacionales
522.7
496.4
5.3%
Utilidad operacional
480.1
410.4
17.0%
30.3
21.8
39.3%
429.8
362.2
18.7%
Total Ingresos
Ingresos (Egresos) no operacionales Utilidad neta
In thousand million COP
Liabilities
Proteccion: Management of pension funds FUNDS
MAIN FIGURES
31-Mar-10
31-Mar-09
31-Mar-10
% Var.
31-Mar-09
% Var.
Mandatory Pension Fund Afilliates (thousand) Market affiliates (thousand) Market Share
1,913 8,848 21.6%
1,883 8,715 21.6%
1.6% 1.5%
-6.7%
Fund value
21,165
15,746
34.4%
10,230.9
25.4%
122.8
-0.3%
82,819 25.6%
62,853 25.1%
31.8%
122.4
Market Fund Value Market Share
7,304.3
13,160.9
-44.5%
Operating Expenses
58,450.3
49,675.5
17.7%
Net Profit
15,327.8
29,250.4
-47.6%
Severance Payment Fund Afilliates (thousand) Market affiliates (thousand) Market Share
1,130 5,812 19.4%
1,188 5,434 21.9%
-4.9% 6.9%
Fund value
1,714
1,447
18.5%
6,553
5,669
15.6%
Operating income
82,591.5
92,992.5
-11.2%
Comissions and fees
75,287.2
79,831.6
-5.7%
Severance
10,511.3
13,921.4
-24.5%
Mandatory
51,821.6
55,556.5
Voluntary
12,832.0
Proteccion Vida Other operating income
Assets
454,272.0
379,866.6
19.6%
Market Fund Value
Equity
357,690.6
282,083.9
26.8%
Market Share
26.2%
25.5%
Voluntary Pension Fund Afilliates (thousand) Market affiliates (thousand) Market Share
109 353 30.7%
102 348 29.3%
6.5% 1.5%
Fund value Market Fund Value Market Share
2,462 8,234 29.9%
1,971 6,760 29.2%
24.9% 21.8%
25,341
19,164
32.2%
Total Funds Value In million COP
Enlace Operativo: BPO MAIN FIGURES
MARKET SHARE 31-Mar-10
31-Mar-09
%Var.
Operatinf income
4,976
3,413
45.8%
Income from Social Security Processing
3,650
2,900
25.8%
Income from document processing
1,269
485
161.8%
58
29
103.1%
142
41
245.8%
Operating income
5,118
3,455
48.2%
Administrative expenses
5,773
3,894
48.3%
-659
-445
47.9%
Income other lines of business Other income
Net income (loss) Assets
6,601
3,208
105.8%
Equity
4,073
923
341.1%
EVOLUTION OF SOCIAL SECURITY PROCESSING 31-Mar-10 Number of affiliates
31-Mar-09
%Var.
1,430,133
1,347,785
6.1%
Companies'affiliates
146,623
127,922
14.6%
Transactions through the website
185,677
152,503
21.8%
Payments through the website (Thousand USD
466,776
426,387
9.5%
17.2%
18.0%
Market share (affiliates) In million COP
Otras (15) 13.8% Banco Davivienda 2.7% Banco de Bogota 4.2% Bancolombia 7.3%
Asocajas 12.0% Gestion y Contacto 12.1%
Enlace Operativo 17.1%
Simple S.A. 16.9%
Compensar 13.8%
Grupo Nacional de Chocolates MAIN FIGURES
31-Mar-10 Consolidated revenues
% Var.
1,021.4
1,043.1
-2.1%
National Revenues
747.9
711.1
5.2%
International revenues
140.4
137.9
1.8%
Operational income
111.7
101.4
10.2%
Financial Expenses
-17.7
-31.3 -43.5%
By interests
-14.2
-24.9 -42.8%
-3.4
-6.4 -46.3%
Other
Adjustment for difference in foreign-exchange -3.0 Net Post Operatives Net income
-11.0
5.1 -35.3 -68.9%
69.5
44.3
57.0%
136.2
123.9
9.9%
13.3%
11.9%
Assets
7,078.6
5,740.9
Liabilities
1,608.2
1,832.1 -12.2%
EBITDA EBITDA margin
Financial Obligations Minority interest Shareholders'Equity In thousand million COP
31-Mar-09
23.3%
962.6
1,053.0
-8.6%
3.7
2.7
36.0%
5,466.7
3,906.1
40.0%
Inversiones Argos MAIN FIGURES
31-Mar-10
% Var.
Consolidated revenues
779.1
987.0
-21.1%
Gross profit
214.5
215.6
-0.5%
92.8
123.6
-24.9%
Operating income
121.7
92.0
32.3%
EBITDA
200.2
178.7
12.0%
50.0
63.4
-21.1%
2.2
-121.3
90.9
192.1
Operating margin
15.6%
9.3%
EBITDA margin
25.7%
18.1%
Net Profit margin
11.7%
19.5%
Administrative and selling expenses
Financial expenses Adjustements exchange rate Net income
31-Mar-10 Assets
31-Mar-09
-52.7%
% Var.
18,857.9
18,183.9
3.7%
5,248.1
5,288.0
-0.8%
2,070.5
2,119.1
-2.3%
818.7
758.1
8.0%
1,251.8
1,361.0
-8.0%
Minority interest
3,798.2
3,641.2
4.3%
Shareholders'Equity
9,811.6
9,254.7
6.0%
Liabilities Financial Debte Current Financial Debte Non Current Financial Debte
In thousand million COP
31-Mar-09
Investor Relations: Luis Eduardo Martínez E-mail:
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