CONSOLIDATED
FINANCIAL STATEMENTS
DECEMBER 31, 2023
GRUPO DE INVERSIONES SURAMERICANA S.A.
Cra. 43A #5A - 113
Medellín, Colombia
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CONSOLIDATED FINANCIAL STATEMENTS | |
TABLE OF CONTENT | |
NOTE 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND | |
SIGNIFICANT ACCOUNTING POLICIES | 26 |
2.1. Statement of compliance | 26 |
2.2. Basis of presentation | 27 |
2.3. Significant accounting policies | 29 |
2.3.1. Cash and cash equivalents | 29 |
2.3.2. Financial instruments | 29 |
2.3.3. Insurance contracts | 33 |
2.3.4. Taxes | 39 |
2.3.5. Property and equipment | 40 |
2.3.6. Leases | 41 |
2.3.7 Intangible assets | 42 |
2.3.8. Investments in associates | 43 |
2.3.9 Non-current assets held for sale and discontinued operations | 44 |
2.3.10 Employee benefits | 45 |
2.3.11. Operating segments | 46 |
2.3.12. Income | 47 |
2.3.13. Earnings per share | 49 |
2.4. Reclassifications | 49 |
NOTE 3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND CAUSES OF UNCERTAINTY | |
IN THE PREPARATION OF THE FINANCIAL STATEMENTS | 50 |
NOTE 4. NORMS ISSUED NOT EFFECTIVE YET | 55 |
NOTE 5. FINANCIAL INSTRUMENTS | 57 |
5.1. Financial Assets | 57 |
5.1.1 Cash and cash equivalents | 57 |
5.1.2. Investments | 57 |
5.1.3. Other accounts receivable | 59 |
5.1.4. Impairment of financial assets | 60 |
5.2. Financial liabilities | 60 |
5.2.1. Derivative instruments | 62 |
5.2.2. Other accounts payable | 66 |
5.2.3. Bonds issued | 66 |
5.2.4. Commitments with non-controlling shareholders | 67 |
NOTE 6. INSURANCE CONTRACTS | 69 |
6.1. Insurance contract Assets | 69 |
6.2. Reinsurance contract assets | 69 |
6.3. Premiums | 70 |
6.4. Liabilities for insurance contracts | 71 |
6.4.1. Accounts payable insurance activity | 71 |
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CONSOLIDATED FINANCIAL STATEMENTS | ||
6.4.2. Estimated insurance contract liabilities | 71 | |
6.5. Liabilities under reinsurance contracts | 72 | |
6.6. Claims withheld | 72 | |
6.7. Insurance costs and expenses | 72 | |
NOTE 7. INCOME TAXES | 72 | |
7.1. Applicable regulations | 72 | |
7.2. Current taxes | 74 | |
7.3. Tax recognized in the income statement for the period | 75 | |
7.4. Effective rate reconciliation | 75 | |
7.5. Deferred taxes | 76 | |
7.6. Unrecognized temporary differences due to unused tax credits | 77 | |
7.7. Uncertainty regarding income tax treatments | 77 | |
NOTE 8. DEFERRED ACQUISITION COST - DAC | 77 | |
NOTE 9. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 78 | |
9.1. Investment in associates | 79 | |
9.2. Joint ventures | 82 | |
9.3. Impairment of investments in associates | 84 | |
NOTE 10. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | 86 | |
NOTE 11. PROPERTY AND EQUIPMENT | 94 | |
NOTE 12. RIGHT-OF-USE | 95 | |
NOTE 13. INTANGIBLE ASSETS | 96 | |
13.1. Goodwill | 97 | |
13.2. Intangible Assets other than goodwill | 98 | |
13.3. Business combinations | 99 | |
13.3.1 Protección and Crecer | 99 | 102 |
NOTE 14. OTHER ASSETS | ||
14.1 Investment properties | 102 | |
14.2 Other non-financial assets | 102 | |
14.2.1 Other assets | 103 | |
14.2.2 Inventories | 103 | |
14.2.3 Restricted cash | 103 | |
NOTE 15. EMPLOYEE BENEFITS | 103 | |
15.1 Short-term benefits | 103 | |
15.2 Long-term benefits | 104 | |
15.3 Post-employment benefits | 106 | |
15.3.1 Defined benefit plans | 107 |
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CONSOLIDATED FINANCIAL STATEMENTS | |
15.3.2 Defined contribution plans | 109 |
15.4 Employee benefits expense | 109 |
NOTE 16. PROVISIONS AND CONTINGENT LIABILITIES | 109 |
16.1 Provisions | 110 |
16.2 Contingent liabilities | 110 |
NOTE 17. DEFERRED INCOME LIABILITY (DIL) | 110 |
NOTE 18. PREFERRED SHARES | 111 |
NOTE 19. EQUITY | 111 |
19.1. Issued capital | 111 |
19.2. Issuance premium | 112 |
19.3. Reserves | 112 |
NOTE 20. DIVIDENDS PAID AND DECLARED | 113 |
NOTE 21. OTHER COMPREHENSIVE INCOME | 113 |
NOTE 22. NON-CONTROLLING INTEREST | 114 |
NOTE 23. OPERATING SEGMENTS | 115 |
23.1. Reportable segments | 115 |
23.2. Information about operating segments | 116 |
23.3. Geographical information | 119 |
NOTE 24. COMMISSION INCOME AND EXPENSES | 120 |
24.1. Commission income | 120 |
24.2. Expenses for commissions paid to intermediaries | 120 |
NOTE 25. PROVISION OF SERVICES | 120 |
25.1. Income from sale of services | 120 |
25.2. Costs of sale of services | 121 |
NOTA 26. OTHER INCOME AND EXPENSES | 121 |
NOTE 27. ADMINISTRATIVE EXPENSES | 122 |
NOTE 28. FEES | 122 |
NOTE 29. FINANCIAL RESULT | 122 |
NOTE 30. EARNINGS PER SHARE | 123 |
NOTE 31. FAIR VALUE | 124 |
31.1. Fair value measurement on a non-recurring basis | 125 |
31.2. Determination of fair value | 125 |
31.3. Fair value measurement on a recurring basis | 126 |
31.4. Transfer between hierarchy level 1 and fair value hierarchy level 2 | 127 |
31.5. Reconciliation of fair value hierarchy level 3 | 128 |
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CONSOLIDATED FINANCIAL STATEMENTS
31.6. Fair value of financial assets and liabilities recognized at amortized cost or other valuation method
.....................................................................................................................................................128
NOTE 32. RISK MANAGEMENT | 129 |
NOTE 33. CAPITAL MANAGEMENT | 190 |
NOTE 34. RELATED PARTY DISCLOSURES | 190 |
34.1. Related party | 190 |
34.2. Transactions with related parties | 191 |
NOTE 35. OTHER MATTERS | 192 |
NOTE 36. EVENTS AFTER THE REPORTING DATE | 192 |
NOTE 37. APPROVAL OF THE FINANCIAL STATEMENTS | 194 |
ANALYSIS OF FINANCIAL RESULTS (UNAUDITED) | 196 |
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CONSOLIDATED FINANCIAL STATEMENTS
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
The undersigned Legal Representative and Public Accountant, under whose responsibility the consolidated financial statements were prepared, certify:
That for the issuance of the consolidated statement of financial position as of December 31, 2023, and of the consolidated statement of income for the year and consolidated comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the period ended on that date, which according to the regulations are made available to shareholders and third parties, the statements contained therein and the figures faithfully taken from the books have been previously verified.
Said affirmations, explicit and implicit, are the following:
Existence: The assets and liabilities of Grupo de Inversiones Suramericana S.A., exist on the cut- off date and the transactions recorded, have been realized, during the year.
Integrity: All economic events have been recognized.
Rights and obligations: The assets represent probable future economic benefits, and the liabilities represent probable future economic sacrifices, obtained or under the charge of Grupo de Inversiones Suramericana S.A., on the cut-off date.
Valuation: All elements have been recognized, in the appropriate amounts.
Presentation and disclosure: Economic events have been correctly classified, described, and disclosed.
In accordance with Article 46 of Law 964 of 2005, in my capacity as legal representative of Grupo de Inversiones Suramericana S.A. The Financial Statements and other relevant reports for the public, related to the fiscal year as of December 31, 2023 and December 31, 2022 do not contain vices, inaccuracies or errors that prevent the true equity situation or the operations of the Company from being known.
Gonzalo Alberto Pérez Rojas | Juan Guillermo Chica Ramírez |
President | Accountant |
Professional Card 64093-T |
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CONSOLIDATED FINANCIAL STATEMENTS
AUDITOR REPORT
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL STATEMENTS
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Grupo de Inversiones Suramericana SA published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 14:14:04 UTC.