Earnings Call: Q3 2025

Nov 14, 2025

Summary

Record Q3 pro forma profit and 47% 9M growth supported a COP 2.3–2.4 trillion full-year recurring-profit outlook. Strategic priorities include organic growth, debt reduction and higher dividends.

Good morning, everyone, and thank you for joining Grupo SURA's earnings call. Today's presentation will be divided into two sections. First, a pre-recorded segment where we will discuss the company's quarterly results. Second, a live session where we will answer questions, which you can submit throughout the presentation. Joining us today from Grupo SURA, we have Ricardo Jaramillo, the President, Juan Esteban Toro, the VP for Corporate Finance, Juan Luis Múnera, VP of Corporate Legal Affairs, and Carlos González, who is Investment and Capital Markets Manager. From SURA Asset Management, we have Carlos Vallejo, VP of Finance, Financial Risk, and Administrative Services. From Suramericana, we have Manuel Rojas, VP of Finance. I will now hand it over to Ricardo, who will share the quarterly results. Good morning, everyone, and thank you for joining us. This is the first quarter in which we are reporting results following the spin-off from Grupo Argos, completed at the end of July this year. As we have stated, we are entering a new strategic chapter where we continue to evolve and strengthen Grupo SURA. At the same time, we reaffirm our commitment to a way of doing business that has guided and characterized us for over 80 years. Now, as a group focused 100% on financial services, we are confident in the strengths of our portfolio and our ability to capitalize on market opportunities, supported by high-quality businesses, long-term value generation, and a sustainable business practice, while continuing to consolidate a regional financial ecosystem. Our presentation is divided into three sections. In the first, we will show our consolidated results and the key highlights for the period ending in September 2025. In the second segment or section, we will go deeper into the company performance, so the details that explain the evolution and dynamics of Suramericana, SURA Asset Management, and Grupo Cibest, as well as the effects of the spin-off. Finally, in the third section, we would like to highlight our commitment to challenges and ambitions that strengthen our operations, enhance the financial group, and generate attractive shareholder returns. Let us now move to page 5. We will start with the consolidated results, where we highlight a strong quarter for Grupo SURA with a net profit of COP 1.2 trillion. As of September, accumulated profit totals COP 2.5 trillion, of which about COP 2.1 trillion corresponds to pro forma profit. That is, recurring profits on a comparable basis, excluding non-operating effects from the spin-off from Grupo Argos. When we here refer to profits, we are referring to pro forma controlling net income. In the chart, we can see the pro forma net income quarter by quarter, as well as the cumulative performance compared to 2024. The third quarter reached COP 867 billion, marking a historic high, both for the quarter and for the accumulated pro forma net profit, which grew 47% compared to 2024. In terms of the companies, Suramericana maintained stable results, exceeding expectations of the year. SURA Asset Management grew 24%, expanding operational margins, while Grupo Cibest showed a solid performance and profitability expansion. Taken together, these results confirm the positive operating performance of our financial portfolio, which, alongside with the strong performance of previous quarters, allows us to state now that we have exceeded the expectations outlined in the guidance referred to at the end of the presentation. Moving on to page 6, we now see the evolution of Grupo SURA's results on a recurring and comparable basis. That is, excluding the extraordinary effects, both from the Nutresa exchange in 2024 and from the absorption-type spin-off in 2025, which we will refer to in a moment. Likewise, the pro forma controlling net income shown does not take into account equity method earnings from Nutresa and Grupo Argos throughout the entire series. This is done to ensure comparability and to reflect only our financial businesses, as it has been the case throughout this year, following the announcement and execution of the transaction with Grupo Argos. Over the last 12 months, recurring financial net income reached COP 2.3 trillion, with an adjusted return on tangible equity of 13.8%. In the appendix of this presentation, we have included a summary of the adjustments and the accounting reconciliation for the return on tangible equity we referenced. Since 2021, profit has grown close to about 20% compound annual rate, with an ROE improvement by 590 basis points. This performance confirms the profitability trajectory of our financial portfolio and positions the company to close the year with recurring net income between COP 2.3 trillion and COP 2.4 trillion, in line with the magnitude observed over the past 12 months. This performance reflects a continued expansion in earnings per share, which exceed COP 7,100 for the last 12 months. This higher level of earnings per share has two effects. The first is an increase for our shareholders following the Nutresa share exchange and the absorption-type spin-off with Grupo Argos, through which our outstanding shares were reduced by 43%. The second factor is growth in earnings, which has resulted in a 20% compound annual growth rate in the results attributable to the financial businesses. The combination of these factors produced a 32% compound annual growth for earnings per share. These have increased from close to COP 2,500 in 2021 to COP 7,100 today. This reflects significant progress towards our objective of continuing to create value and deliver attractive, competitive long-term returns for our shareholders. Likewise, this performance reinforces why Grupo SURA remains a compelling investment opportunity and why the recent positive results do not limit the future opportunities available to our shareholders. With our portfolio focused on financial services, the market and our shareholders can assess the value of our underlying businesses or compare our implied valuation multiples with those of our peers, thus gaining a clearer understanding of the value that Grupo SURA should and can claim, given the high quality of its businesses, competitive positioning, long-term value creation approach, and the sustainable business practices. A specific example of this is our price-to-earnings multiples, where we continue to observe levels that remain low relative to comparable financial groups and to historical averages, an issue which we will discuss in further detail later in the presentation. Taken together, these results bring us closer to our ambitions, higher earnings per share, a solid ROE, and consistent value creation for our shareholders. For this performance, the company strengthens its position and is well-placed to continue growing profitably. Thank you, Ricardo. A warm greeting to our shareholders and to everyone joining us for this financial results presentation for the third quarter of 2025. We will begin with a summary of the operating performance of our financial services business, namely Suramericana, SURA Asset Management, and Grupo Cibest. We will then outline the main effects of the spin-off on the financial statements, noting that these effects are not incorporated into pro forma results figures, as this allows for greater comparability and a clearer assessment of operating performance. Finally, we will conclude this second section with a summary of the contribution of each company to the Grupo SURA consolidated results. Let us begin with Suramericana, which reports a net income of COP 655 billion accumulated by September 2025, and an adjusted return on equity of 12.7% for the last 12 months. Written premiums reached COP 14.4 trillion, approximately 5% higher than the previous year, marking a turning point compared to 3% growth recorded as of June this year, and bringing us closer to the lower end of expected range. In this context, Suramericana expects to close 2025 with a premium growth of around 6%. As we have mentioned, the moderation in the consolidated growth rate is explained by the portfolio cleanup and performance in certain lines and books within the general insurance segment, where profitability has been prioritized and risk appetites have been adjusted, as well as by a softer market environment in that segment. In contrast, the life insurance segment continues to show strong momentum with double-digit growth rates. The technical income reached COP 1.9 trillion, which is a 13.5% increase, driven by a reduction of 280 basis points in consolidated claims, which fell from 56.6% to 53.10%. Investment income totaled COP 1.5 trillion year-to-date, slightly above the figure recorded last year. Portfolio duration management and an asset mix helped offset lower inflation levels and rate cuts across the region, allowing the portfolio to maintain an attractive real return. With this consolidated overview, let us now take a closer look at the performance of each segment. On slide 10, we present a summary of the key figures for the life insurance segment at Suramericana. This segment accounts for 61% of total retained premiums, totaling COP 7.1 trillion for the first nine months of 2025 and maintaining strong growth of 12.3% compared to the same period in 2024. The performance in this segment is being driven by voluntary health insurance solutions, which grew 20%, while the workers' compensation insurance in Colombia grew 7%, a rate consistent with the segment's maturity and its high market share in the country. Claims improved by 293 basis points, reaching 62.5%. Primarily due to lower accident and disability rates in the workers' compensation solution. This contributed to technical income reaching COP 250 billion, which is a 44% increase versus the period ended in September of last year. Investment income totaled COP 1.2 trillion, growing 6% year-on-year. This performance, together with the improvement in technical income, brought net income for this segment to COP 724 billion, representing a 21.7% increase over the previous year. In the next slide, we show a summary of the key figures for Suramericana's general insurance segment. The pace of premium contraction in this segment moderated during the quarter. From a decline of nearly 4% in June, we moved to 1.7% contraction as of September. This brings expected year-end performance closer to stability to finishing with a similar premium level to last year. The segment's dynamics are mainly explained by the mandatory traffic accident insurance in Colombia, which had experienced pressure on technical margins, as well as the non-renewal of mortgage portfolios in Chile, where we have sought to limit catastrophic exposure. In addition, the voluntary auto insurance market has softened across the region's major geographies, and this means there is an increased price competition in both Colombia and Chile. The technical income for the segment reached COP 995 billion, showing a slight increase of around 1%. Meanwhile, the combined ratio improved from 106.3% in June to 104.1% in September. Although it remains pressured by higher administrative expenses associated with organizational transformation processes, including the restructuring of operations in Panama and increased technology investments aimed at improving productivity. Investments income supporting the reserves associated with the general insurance segment totaled COP 334 billion year to date in September, which is a 3.2% decrease in line with portfolios with shorter durations that are affected by lower interest rates level across the region. Net income for the general insurance segment totaled COP 147 billion, 44% lower than the figure reported last year, which is a contraction explained primarily by the results of the insurance operations in Panama. Looking ahead, Suramericana will continue implementing efficiency and productivity levers to strengthen technical profitability and restore the segment's overall profitability. The focus likewise remains on reducing the combined ratio, seeking to bring it below 100%, as well as on cost containment and appropriate risk selection. Under this approach, an improvement in earnings supported by efficiency gains is expected for the segment in 2026. Let us continue with SURA Asset Management. Slide 13 shows the main consolidated figures for this subsidiary. SURA Asset Management continued to deliver solid results in September 2025, reporting net income of approximately COP 1.1 trillion, which is 24% higher than that in the same period last year. Return on equity stands at 10.6% for the last 12 months, while return on tangible equity reached 26.7%. These results are supported by continued expansion in operating margins, as well as strong returns in the reserve investment portfolios. Assets under management surpassed $200 billion USD, growing close to 16% compared to the previous year. This increase reflects high contributions, improved portfolio returns, and positive net commercial flows in the savings and retirement segment, as well as in the SURA Investments segment. Fee income totaled COP 3.2 trillion, with growth accelerating to nearly 11% in constant currency, driven by the strong performance of both segments, which we will discuss in detail shortly. It is important to highlight that this growth significantly outpaced operational expenses, which increased 7.6% in September and are converging towards an annual increase of around 7%. Cost control discipline and productivity gains have enabled margin expansion of 279 basis points, even with extraordinary expenses related to the implementation of the pension reform in Colombia and the strengthening of sales forces amid increased commercial activity in the savings and retirement segment. Operating income, excluding returns from the mandatory reserve portfolios, totaled COP 1.3 trillion, growing nearly 22% compared to the same period 2024. Income from the return on co-invested resources with affiliates, which means income from the mandatory reserves portfolios, showed very strong performance, totaling COP 586 billion for the year through September, and also growing 22% in constant currency. This performance implies an annualized return of 15.5% for these portfolios year to date. Moving to slide number 14, we have the performance of the savings and retirement segment, which includes the results of the different pension fund administrators in the region and continues to show growing and consistent performance. Accumulated for the year, commission income grew at 10% in constant currency, reaching COP 2.8 trillion. This performance was mainly driven by a 20% increase in fee-bearing AUM, which represents about 52% of total assets under management. In contrast, flow-based commissions grew at 3.4% in a context of lower inflation in the region, which moderated wage growth and consequently, the pace of commission income calculated on that basis. As mentioned, the return on mandatory reserves delivered strong results both for the quarter and for the year to date through September, boosted by higher profitability in the portfolios. 68% of assets under management outperformed their benchmarks over the last 36 months, meaning they generated alpha, an outstanding performance amid a high volatile environment in regional global markets. As of September, operating expenses increased 8%, mainly due to the strengthening of commercial teams in Mexico and Chile. Even so, expenses grew below revenues, generating operating leverage and translating into margin expansion. Overall, this segment closed with operating income, excluding reserve returns of COP 1.3 trillion, which is 14% higher than September 2024, and an operating margin excluding reserve returns of around 45%. Let's move to the next slide, which covers the SURA Investments segment. Here we consolidate the results of corporate solutions, wealth, and asset management. This segment continues to show a strong pace of growth in assets under management, which increased 16% in constant currency, reaching COP 96 trillion or roughly $24 billion USD. Commission income totaled COP 342 billion, 17% higher than the previous year. This was driven by higher AUM across all three business lines and by stable commission levels, which stand at around 50 basis points for the segment as a whole. Operating expenses increased at half the rate of revenue growth, that is close to 8% in constant currency. With this performance, operating income through September reached COP 60 billion, more than doubling the levels reported in 2024. As we have emphasized, the focus on efficiency remains a key management pillar for this segment and supports expansion of operating profit. The operating margin improved by 690 basis points, reaching 13.7, boosting segment profit to COP 72 billion, an 83% increase compared to 2024. Moving on to slide number 17, we have a brief summary of Grupo Cibest results, which were released to the market on November the 6th. Grupo Cibest continued to deliver a solid performance, and at the end of the third quarter to 2024, it recorded a return on equity that has increased quarter after quarter, reaching 18% for the nine-month period. Net income reached COP 5.7 trillion over these nine months, growing close to 23%, driven by a net interest margin that contracted less than expected and by a strong risk cost performance. The loan portfolio continued to grow at a moderate pace, increasing 3.9% and reaching COP 280 trillion at quarter end. Finally, it is noteworthy that Nequi posted a profit for the first time in September 2025, as was reported by Grupo Cibest. Continuing with slide number 19. Here we break down the main effects of the spin-off from Grupo Argos on the financial statements. A spin-off that, as you know, was completed this quarter. Our controlling equity totaled COP 20 trillion at the end of the quarter, reflecting the equity carved out in the transaction with Grupo Argos, which amounted to approximately COP 6.5 trillion. It also reflects the net effect of the increase in the net liability associated with the preferred shares issued in the spin-off, an effect that was partially offset by the update of the discount rate used to value the liability of all preferred shares. This impact resulted in a net negative effect of COP 59 billion, meaning the liability increased by that amount. The net equity effect also incorporates the period's earnings and the decreases in other comprehensive income, explained mainly by foreign currency translation effects, due to the appreciation of the Colombian peso against the currencies of the countries where we hold investments during this last quarter. As a result, and considering the reduction in the number of outstanding shares from 395 million to 327.7 million, our intrinsic value per share stands at around COP 61,400. On the other hand, in addition to the pro forma recurring profit from our businesses of COP 867 billion in the third quarter, we recorded additional effects related to the spin-off from Grupo Argos. First, the carved-out equity generated a reclassification of items from other comprehensive income to comprehensive income, in accordance with accounting standards. These items totaled around COP 430 billion and correspond mainly to the accumulated foreign currency translation adjustments we recognized under the equity method for our investment in Grupo Argos, an investment now spun off as part of the transaction. Second, we recorded the net effect of the variation in the preferred shared liability previously mentioned. Both impacts resulted in quarterly profits of COP 1.2 trillion, bringing the year-to-date accounting net income to COP 2.5 trillion. Finally, to close this second section of the presentation, we have slide 20 which shows our usual summary of the contribution to results from our businesses and our corporate segment. We observed that the contribution from financial businesses totaled COP 2.9 trillion through September, which is 19% above 2024, reflecting the strong performance of the three companies. The net financial income, excluding the increase in liabilities from preferred shares, totals COP 687 billion, which is 6% lower than the previous year, mainly explained by lower interest rates and stable debt levels during the period. Administrative expenses total COP 117 billion. From that total, and this is important, COP 32 billion correspond to extraordinary expenses related to the transactions completed, which is 27% of those expenses. Regarding the tax line, the increase is mainly explained by the variation in Grupo SURA's deferred taxes associated with the early repurchase of international bonds carried out in the first quarter, as well as certain hedges executed at the beginning of the year. As a result, the pro forma controlling net income, which excludes the effects of the spin-off, stands at COP 2.1 trillion for the first nine months of this year, reflecting the strength and stability of our financial businesses. Incorporating the accounting effects mentioned earlier, the accounting controlling net income closes at approximately COP 2.5 trillion. In line with what Ricardo Jaramillo mentioned, we are positioned to close the year with pro forma all recurring net income in the range of COP 2.3 trillion-COP 2.4 trillion, not far from the levels reported over the last 12 months. With this, we conclude the second section. I will now hand it over to Ricardo, who will continue with the third section of this presentation. Thank you very much, Juan. Let us now move to the section on strategic priorities and ambitions. I invite you to turn to slide number 22. Last month at the Investor Day in Bogotá, we presented our company's key priorities and focus areas, where we continue to make progress. Our emphasis is on enhancing our operations, strengthening value creation and the strategic development of each business, improving efficiency, and offering a more integrated value proposition for our clients. This means simplifying processes, prioritizing profitability, and accelerating the capture of synergies across the companies in our portfolio. At the same time, we reinforce the vision of the financial group. We put the client at the center and leverage our competitive advantages, serving over 76 million clients through our three investments aimed at maximizing the intersections between our insurance savings and investments and banking businesses. We already have success stories, but we see additional opportunities to continue expanding solutions while optimizing capital usage, always under prudent risk management. Finally, and no less important, we maintain a focus on returning value to our shareholders. Profitable growth while gradually closing the value gap. This is supported by greater visibility into the portfolio and a competitive and sustainable dividend policy, translating into total shareholder return, TSR, with two components: share price appreciation and attractive dividend. Against this backdrop, as a group, we reaffirm our commitment to continue evolving and consistently creating value. We are opening a new strategic chapter, building on the same legacy and corporate ethos, supported by a culture that has guided us for over 80 years, with a focus on strengthening our financial core. This assessment, reflected in adjustments to our ownership structure and a simpler portfolio, reaffirms our position as a solid financial group. Grupo SURA is guided by four premises. The first is the regional financial ecosystem. We operate and grow across three interrelated vertical lines: asset and wealth management, insurance, and banking. Our differentiating factor is how we integrate these verticals. At their intersections, we enhance capabilities, enrich the client proposition, and open new sources for growth. This is the group's vision in action: connecting strengths across businesses to capture opportunities that would not exist in isolation. Second, high-quality businesses. These are leading companies with a track record of resilience, adaptability, and innovation in response to market dynamics. This position is supported by trusted brands, scale, customer-centric models, technology and channel capabilities, and operational efficiencies that translate into strong competitive advantage. Third, long-term value creation with a clear focus on shareholders. Over the past five years, Grupo SURA's total shareholder return has exceeded 25%, and we continue to see significant potential for closing the discount relative to the fundamental value of the portfolio companies. Under this premise, our management focuses on profitable growth, disciplined capital allocation, a competitive dividend policy, and being the best owners of each asset. This approach creates conditions for greater visibility and recognition of the portfolio's fundamental value. Fourth, sustainable business practices. These include diversification to mitigate risks, talent development and the way we operate, as well as high standards of corporate governance and a commitment to integrated capital management across economic, social, environmental, and human dimensions. Let us move to slide 24, where we share our mid-term ambitions. These are organic objectives based on the business plans of our companies without acquisitions or extraordinary effects. For net income, our ambition for 2028 is to reach COP 3.3 trillion. This would translate into a net income per share that goes from COP 7,132 to approximately COP 10,000, driven by efficiency, profitable growth, and an improved business mix. In terms of profitability, we aim to converge towards an ROE of around 15%. Within this framework, capital allocation will focus on reducing debt to increase financial flexibility and shareholder returns. In line with our strategy to strengthen the financial structure, we foresee net debt reduction from COP 7.1 trillion to less than COP 5 trillion, and a decrease in the net debt to dividends received ratio from 3.2 times to approximately 2 times. It is important to note that this year we will close with COP 2.2 trillion in dividends received by the holding, a figure higher than initially estimated at the beginning of the year, even considering the Grupo Argos spin-off, which implied ceasing to receive a portion of those dividends. This result is explained by an extraordinary dividend of approximately COP 135 billion from SURA Asset Management, reflecting its strong results and financial position. Let us remember that during the pandemic, the net debt to dividends received ratio exceeded 6 times and has been steadily decreased since then. This year, we allocated COP 750 billion to pay the tax associated with the Nutresa transaction, which in a normal year could have been directed to debt reduction. Consequently, these targets are achievable organically without relying on extraordinary items. Regarding shareholder returns, our ambition is to double the dividend per share over the next 3 years, going from COP 1,500 per share to approximately COP 3,000, ensuring an attractive TSR supported by both higher dividend payments and share price appreciation. These targets are clear, demonstrate conviction in execution, and chart a path to strengthen value creation while gradually closing the value gap relative to the fundamental value of our portfolio. Finally, on slide 25, we want to highlight the recent performance of our shares and how it reflects the positive impact of the strategic decisions and transactions executed in recent months, as well as the company's ongoing evolution. These developments demonstrate our focus on value creation and translate into higher returns for shareholders, contributing to greater visibility of the value represented by this group. Since October 2024, both share classes have significantly outperformed the COLCAP, with increases of 84% for the common share and 134% for the preferred shares, including the direct investment in Grupo Argos received by our shareholders. Since the spin-off, cumulative returns have been 11% for common shares and 29% for preferred shares, while the 5-year total shareholder return, including dividends, exceeds 25%, positioning us above the main regional stock indexes. Despite this progress, the current multiples, 7.2 times for common shares and 6.4 for preferred shares, indicate there is still room for further appreciation. As management, we are working to continue to close this value gap. Our net income per share projections for the next three years reinforce this view, outlining an attractive return opportunity. This potential is further amplified if multiples expand towards levels close to 10 times, similar to those of other comparable financial companies in Latin America. An additional point we want to highlight is the recent inclusion of Grupo SURA's preferred shares in the MSCI Global Small Cap Index announced last week. This milestone represents a step forward in our international positioning as it facilitates the addition of a group of passive institutional investors into our shareholder base. This inclusion will help continue to strengthen share liquidity and enhance visibility in global markets. We reaffirm our commitment to closing the gap between market value and fundamental value, leveraging a financial portfolio that generates solid recurring results, accompanied by a simpler structure that positions us as an attractive long-term investment opportunity. With this, we open the floor for the Q&A session. Good morning. Thank you very much for being here with us in this earnings call. We will start with our live session for the questions that have been sent and that you can continue sending now. The first question was received. The rates take long to go down and inflation is still. What adjustments is Grupo SURA going to make in terms of efficiencies to increase the profitability? Good morning, Emilio, and everyone that has connected to the call. This is a very good question, and we're clearly seeing an environment where the rates are going down slower than we expected in the market process. I would like to reaffirm that we would like a world with a reasonable inflation. Having said that, it is important to take into account that Grupo SURA's portfolio is a portfolio that has a natural coverage to high rates. It is no secret that for us, Grupo SURA is sensitive, which means that the results do perform well when we have real high interest rates. SURA Asset Management has very well indexed their income. The commissions on pension funds have a high indexing compared to inflation. Suramericana also has natural coverage or hedges to the investment portfolio, where in the life portfolios, 85% of those portfolios are completely indexed. So in a world of higher rates and with higher inflation rates, the results have the natural coverage or hedge. Something else that we need to take into account is that our capital structure, and we have said this already, and it was just mentioned in Ricardo Jaramillo's presentation, we would like to increase the financial flexibility. We have an organic plan to continue reducing debt, and this contributes also to an environment with higher interest rates. In terms of efficiency, that's in our plans. It has been in the last five years, and we have seen a lot of progress in SURA Asset Management, as we mentioned before, around 300 basis points in operating margins due to efficiency. Suramericana also grows, and Grupo SURA is also focusing on efficiency. We at the corporate, we are also looking real reductions in the expenses. So we are committed to those three different fronts and good natural coverage for worlds with higher inflations and interest rates. Thank you, Juan. Santiago Escobar and Andrés Uribe send questions related to the preferred shares. I will ask both questions in one. The difference between both species has become stable at around 50%, and in both cases, they have also increased. Obviously, more liquidity will help us close the gap between both share classes and the market value. Have you assessed the possibility to do an exchange to combine the liquidity in a single class, or have you thought of allowing preferred rates for the preferred shares? Thank you very much, Andrés and Santiago, for the question. We would like to start by saying that we can see it is very positive. The evolution of both classes is very positive, both the ordinary or normal share and the preferred share, particularly the preferred shares, had a higher discount versus the fundamental value, and we believe that we still have that potential. As we have said during the presentation, our objective or one of the priorities is to close that gap and show the potential that this company has to reflect the value of its businesses. We are aware of the fact that both classes, at the end of the day, have the same underlying asset. However, it is very important to take into account that both species are now 50% and 50% of our base have different characteristics and rights. So any initiative that we can think of from the management clearly has to be a decision of the shareholders, and it will be an assembly decision. We, at the moment, have no initiative that would end up in what you're mentioning. However, as we have said before, also with the repurchase of shares and through any other tools, our responsibility as management is to keep all the tools in the toolkit to see when the right moment is to use them. At the moment, we're not assessing the possibility of merging or integrating both classes. Thank you, Ricardo. The next question is from Andrés Uribe. What is the amount for amortizations, annual or quarterly, for 2025 and the next year? Juan Esteban, can you help us with that? Hi, good morning, Andrés. We have been very active in managing debt in this year, and we are almost completely covered in the needs that we have for 2026 and completely covered for 2025. Specifically, our bonds expire in April next year, $300 million, which is around COP 1 trillion. As it was mentioned in the market, we have a line committed to the local bank for that same amount, and we could eventually use that credit line, and we're covering with that need for a refinancing. We have also been substituting debt with local bank Trade lines. This has allowed us to improve the level of amortizations that we have in 2026. So in terms of debt management for next year, we are very well covered and committed to continuing increasing our financial flexibility, which will be done with our estimations of operating cash flow for next year. Thank you, Juan. The next question is related to SURA Asset Management. Simón Londoño asks this: Could you give us a balance of the new withdrawal of funds in Peru? What effects could this have in the results in the future? Simón, thank you for your question. In fact, last month, the Peruvian Congress approved a withdrawal so that the affiliates of the system could extraordinarily and voluntarily withdraw up to COP 6 trillion in their individual accounts. The consolidated effect that we expected for SURA Asset Management is a withdrawal of COP 2.5 trillion that could be materialized in this year and next year. That is 1.2% of the AUM that SURA Asset Management manages in a consolidated manner. In terms of income, the impact in 2025 will be around COP 500,000. In 2026, we will have an impact of around COP 10 million. It is important to note that in terms of expenses, this puts pressure of around COP 1 million to support the operations that derive from that. It is also important to mention that in parallel, we continue advancing with the pension reform in Peru, which hopefully will limit these withdrawals in the future so that we do not suffer from these decapitalizations in the future. Next question is by Santiago Villanueva. In the controlling net profit presented by quarter, we can see a reduction in the classification compared to other SURA groups, down to COP 3 billion this month. What is the reason behind this? Santiago, yes, in the third quarter of the previous year, we had a non-recurrent effect that created an effect that was around COP 2 billion, which is a negative impact. This had to do with the VAT declarations for SURA. This year, we don't have that impact, and that impact for the consolidated for Grupo SURA created a problem. This year, we don't have that, and that's why the operation is normalized. That's why we see this variation you ask about. Next question, Juan Pulgarín asks, the company is assessing to start a program for repurchasing shares. Juan, good morning. Thank you for your question. Similar to what you mentioned before about the, or what I mentioned before about the tool box. This company, many years ago, spoke about what it means to have the tool of repurchasing shares. However, it is important to remember that we went through a repurchase of shares, which is basically a third of the shares through the two operations and through the framework agreement and through the spin-off from Grupo Argos, the shares were reduced in around 40%. So we, even though it is always very important to have that option, we don't have it now. What is available, the cash flow that is available, will be directed towards the uses that have to do with dividends. Everything that we presented in the presentation and reduction of debt to have more financial flexibility. So we always have to have that as an option, but we don't have plans at the moment or under execution or as an initiative that we are soon to be executing. Thank you, Ricardo. Gabriel Vélez and Santiago Villanueva ask something related to Suramericana. We're going to merge those two questions. How can we expect the reduction in administrative expenses and salaries in this company? Gabriel, Santiago, thank you for your question. I think that the effect that we can see in the quarter in administrative expenses has two components. One, a reclassification we did to the technical side. Bonuses and commissions that are going to the commissions and technical expenses, around COP 16 billion, and the rest are efficiencies that we are looking for and that we continue working on in order to reach the target that we set ourselves for this year. Thank you, Manuel. Continuing with Suramericana, Juan Pulgarín asks VaxThera and its evolution. Thank you, Juan, for your question. VaxThera continues fulfilling the business plan that we set. We hope to have INVIMA certification for labeling in 2026, and we would like to revert that J-curve. Since 2024, we have been working on vaccinations for private customers. Our idea is to have income from VaxThera in 2026 and importantly, in 2027, we will reach equilibrium. That is what we are working on, and we are up to date with that business plan. Thank you, Manuel. The next question sent by Neil Patra related to the expectation of the last quarter for 2025, taking into account the petition for the net profit. Taking into account that the results of the previous quarter are lower than the previous quarters. The question is if that is what we are expecting and why this behavior has been produced. Thank you, Nick, for the question. Yes, effectively, we are expecting a fourth quarter that is slower than the rhythm we have had. Subsidiaries and SURA Asset Management are quite stationary related to the increase of minimum wages in Colombia. In both companies, we have our annuities, pension portfolio, and those pensions are calculated in minimum wages in Colombia. When the minimum wage goes above the inflation, we have to adjust the reserve. This adjustment, we are expecting it to be done in the fourth quarter of this year. There is a discussion in Colombia at the moment about how much this minimum wage will increase. Of course, if there are higher increases, we will have a broader reserve. What we can expect is we are incorporating between 600 to 700 basis points above the inflation. Although this is an early stage because it is a social discussion, I just wanted you to have an idea of the effect that this could have. Thank you, Juan. The next question is from Santiago Villanueva. The dividend per share, COP 3,000, represents a 30% increase. Why should we not provide something higher? That is a very good question, and clearly, we are completely committed to the returns for shareholders. That includes, of course, the payment of dividends and compensation to shareholders that are attractive and making this competitive. In these targets that we are setting ourselves, we are looking for two objectives at once. One, increase the dividend in the way we have expressed, but we should also maintain capability of increasing the financial flexibility and to reduce debt organically. We will continue looking at the payout in the future, but always having a balance of the equity triangle, which is the money that is for the dividend, and the money for reinvesting is for profitable growth and of course, financial efficiency. That is something that is in evolution, and clearly, over time, we would like to have competitive payouts. Yes, we will continue assessing that. I would like to complement Juan Esteban's response, and is that profit that is COP 10,000 per share, that comes from the consolidated financial statements. When we can see the dividend policy, we should see it separately, and there are differences between the two. Most importantly, the differences between the consolidated and the detail, we should look at the cash flow that has been presented, or we can show it later, but we have to understand that the accounts of the holding are very simple. There are the dividends we receive from the investments, our own expenses, the interest payments, and that is what we have available for what Juan mentioned, the investment triangle, dividends, debt, and investments. When we see that cash flow, our objective is to have a balance in the way we use those things. When I talk about balance, the company needs money to invest, the company needs to have financial flexibility to manage its debt, and the company would like to increase the dividends to the shareholders. Our task is basically to use that cash flow in a harmonious manner to fulfill all those needs. We have a last question from Juan Pulgarín. The development of local vendors, is it one of the sustainability objectives for the group? Thank you, Juan. I like your question very much. This company definitely has When we talk about the way we do businesses, we normally talk about our proximity with all the groups of interest. The vendors are a fundamental group not only in Colombia, but in the 10 countries we are. For us, it is very satisfactory to have vendors that were only vendors for SURA Colombia. Now they are in all the countries where we are present. That means growth, that means we have given them administrative capabilities, that means diversification for them as well. As part of our value proposition as a corporate citizen, the relationships with these vendors or suppliers should be following the principles of the company, to understand how we do businesses in this company. Thank you, Ricardo. There is an additional question. We will take the minutes to reply this. Óscar Alfredo Valdivia asks, reaching the objectives of 2028 includes a series of measures, and those measures could include inorganic aspects? Thank you, Oscar. Those objectives or ambitions, as we have called them, for 2028, are the result of the sum of a lot of business plans from all the operations that we consolidate in Grupo SURA. We can see our clear ambitions that basically guide all the people who are working in this corporate group in terms of priorities. However, as we mentioned, they do not include extraordinary events. Does that mean that we will not have extraordinary events? Clearly, we will have them because part of our normal task is basically looking at the changes and possibilities for both investment, alliances, or divestments. A sign of this is the recent OPA that we launched for a Protección percentage, where you have seen the market and where we have had some responses, and that we will increase the percentage of ownership that they will have in this company in Colombia. These targets do not include those extraordinary elements, but they sure clearly will have extraordinary elements in their execution, and we will continue adjusting that. This is an iteration process, and we will see how we will manage to overcome those expectations that we are proposing now to all of you. Thank you very much, Ricardo. We have no more questions, and I give it back to you for closing the call. Thank you very much for connecting. Thank you for your interest in the company. We are seeing very positively, as we mentioned in the call, that the different premises that we have used in these recent transformations are having good results from the financial point of view and also the behavior of the shares. We can see a lot more potential to continue growing and so that the company can reflect the value we speak about. Our priorities are focused on materializing that value and providing you, the shareholders, a return that you expect. Thank you very much