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Colombia's Grupo Sura to merge insurance units

Grupo de Inversiones Suramericana SA said the boards of Seguros De Vida Suramericana SA and Seguros de Riesgos Laborales Suramericana SA approved a merger in which the former will absorb the latter.

The merger will lead to greater capital efficiency given the complementary nature of the companies' financial structures, Grupo Sura said in a filing.

Grupo Sura holds an indirect controlling ownership stake in the companies through its subsidiary Suramericana SA.

The move follows a recently approved internal restructuring that will see Suramericana absorb both Inversura Panamá Internacional SA and Inversiones Sura Brasil SAS.