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Report: Grupo Sura considering sale of life annuity biz in Chile

The Colombian financial group Grupo de Inversiones Suramericana SA, or Grupo Sura, is considering selling its life annuity business in Chile, according to a report in Diario Financiero.

The company reportedly said it is analyzing "alternative strategies" regarding the annuities, in which Diario Financiero estimates Grupo Sura has around $1.5 billion in liabilities in terms of payment flows via insurance policies, of which it is required to hold an equivalent figure in assets. This would mean, according to the report, citing unnamed market sources, that Grupo Sura would set the maximum price of around $30 million for the company.

Grupo Security SA and BICECORP SA are interested in making an offer, sources told the publication.

Meanwhile, Grupo Sura reportedly said it was not considering selling its other insurance businesses in Chile.