November 15, 2019 / 7:36 PM / 21 days ago

Colombia insurance giant Grupo SURA says profit rose 31.1% in third quarter

BOGOTA, Nov 15 (Reuters) - Net profit at Colombian insurance conglomerate Grupo SURA rose 31.1% in the third quarter to 542 billion pesos ($157 million) compared with the same period last year, because of growth in various portfolios, the company said.

Revenue was up 17.6% between July and September to 5.67 trillion pesos, while operating costs increased 15.4%, the company said in a statement to the country’s financial regulator late on Thursday.

“It is worth noting the organic growth and operating results, the positive performance of the investment portfolios as well as revenues from associates via the equity method, all of which managed to offset specific impacts on certain business units,” the company said.

In the nine months to September, net profit rose 35% year-on-year to 1.49 trillion pesos.

The company has financial, insurance and other assets in 10 Latin American countries. ($1 = 3,452.67 Colombian pesos) (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Steve Orlofsky)

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