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Grupo Sura Q1 net income down 23.5% YOY on lower investment income

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Grupo Sura Q1 net income down 23.5% YOY on lower investment income

Grupo de Inversiones Suramericana SA reported net income of about 310.15 billion Colombian pesos for the first quarter of 2018, down 23.5% yearly from 405.49 billion pesos which was mainly due to "lower income from investments in all businesses."

Grupo Sura said the lower results were tied to a decline in income from its main insurance unit Suramericana SA, which saw net income of 100.59 billion pesos. Results from the unit were down 30.8% yearly from 145.33 billion pesos a year ago, a result of lower investment income of 58.87 billion pesos.

The company's asset management unit, Sura Asset Management SA, saw a 23.8% decline in its net income in the first quarter of 132.03 billion pesos compared to 173.24 billion pesos a year ago.

Grupo Sura's net written premiums dropped 0.8% in the quarter to 2.711 trillion pesos compared to 2.733 trillion pesos in the year-ago period.

The group's total income from commissions grew 11.5% year over year to 610.76 billion pesos, from 547.82 billion pesos. Income from services rendered also grew 19.9% yearly to 772.37 billion pesos, from 643.94 billion pesos.

However, investment income was down 47.0% to 285.75 billion pesos, from 539.25 billion pesos.

Total expenses for the group reached 4.344 trillion pesos in the first quarter, slightly below the 4.369 trillion pesos a year earlier.

As of May 16, US$1 was equivalent to 2,874.40 Colombian pesos.