SURA ASSET MANAGEMENT. Corporate Presentation 4Q

Transcription

1 SURA ASSET MANAGEMENT Corporate Presentation 4Q

2 CONTENT 01 SURA Asset Management 02 Financial performance and comercial figures 03 Annexes SURA ASSET MANAGEMENT 2

3 SURA ASSET MANAGEMENT MAIN FIGURES MEXICO USD 28,736 M 15.0 % 7.1M 3,092 (Ranking 3) ASSET UNDER MANAGEMENT 18.8 MILLION OF CLIENTS USD BILLIONS Market Share (AFP): 23.0% (Ranking 1) International Investment grade: Fitch BBB+ Moody s Baa1 6 COUNTRIES USD EL SALVADOR USD 4.799M 47.5 % 1.6 M 311 (Ranking 2) PERU USD 20,048 M 39.4 % 2.0M 670 (Ranking 1) CHILE USD 46,209M 19.3 % 1.8M 2,468 (Ranking 4) COLOMBIA USD 31,433 M M 1,840 % (Ranking 2) EBITDA MILLIONS URUGUAY 8,664 EMPLOYEES USD3,028 M 17.6 % 328Mil 168 (Ranking 2) Figures in million dollars, as of december 2017 Clients and AUM include Protección and Crecer, entities not consolidated by SURA AM SURA ASSET MANAGEMENT 3

4 A COMPANY WITH SUPPORT OF THEIR SHAREHOLDERS While the largest shareholder is Grupo Sura, we have four others shareholders, who have minority interest: Grupo Bolívar, Grupo Bancolombia, Corporación Financiera Internacional (IFC) and Grupo Wiese. SHAREHOLDERS 83.58% Grupo SURA 9.74% Grupo Bolívar 3.65% Grupo Bancolombia 3.03% Grupo Wiese SURA ASSET MANAGEMENT 4

5 GRUPO SURA OUR MAIN SHAREHOLDER FINANCIAL INVESTMENTS INDUSTRIAL INVESTMENTS 81.1 % 83.6 % 46.4 %* 35.2 % 35.7 % INSURANCE AND SOCIAL SECURITY Presence in 9 countries Specialized Company in the insurance and risk management sectors. Leader in the Insurance industry in Colombia 70 years of experience Number one Insurance Company in LATAM ex-brasil *Stake in common shares As of september 2016 PENSIONS, SAVINGS AND INVESTMENT Presence in 6 countries Nº1 in Pensions in Latinamerica Complete product offer in pensions, savings, protection and investments More than 35 years in the pension industry UNIVERSAL BANKING Presence in 6 countries Leading franchise in Colombia an Central America, markets with attractive growth perspectives ADR level 3 More than 140 years of experience Number #1 Bank in Colombia (By assets) Tenth Group most important in Latin america (by assets) Banagrícola: Number one Bank in El Salvador (by assets) Banistmo: Second largest bank in Panamá (by assets) PROCESSED FOOD Presence in 15 countries with production plants in 12 of them Leader in the processed food industry in Colombia Fourth* largest in Latin America CEMENT, ENERGY INFRASTRUCTURE AND REAL ESTATE Presence in 17 countries in Latinamerica Cementos Argos: Fifth cement producer in LATAM Fourth cement producer in USA Exports to 40 countries Celsia: Fourth power generator in Colombia, Handling concessions in Chile, Republica Dominicana, Panamá y Colombia Odinsa: road and airport concessions Concession Aeropuerto Mariscal Sucre, Ecuador (Quito) y El Dorado (Bogotá) Operation and maintenance of infraestructura assets and road projects. SURA ASSET MANAGEMENT 5

6 BUSINESS GROWTH 35 years of experience, with a unique knowledge in the asset management industry. Acquisition of ING Latam Incorporation of Asset Manager- AFISA SURA Acquisition of 50% BBVA AFP Horizonte in Perú Incorporation Corredora de Bolsa SURA Adquisición de Acquisition of Primero Seguros de Vida A stock brokerage firm, Agente de Valores SURA was started up Constitution of a Stock Brokerage Sociedad Agente de Bolsa SURA Infrastructure Fund lauch by USD 400 MM BlackRock Distribution Agreement Real Estate Fund Launch Bond issue for USD 350 million Begining of SURA AM Merger between Proteccion and ING Colombia Acquisition of 63% Seguros SURA (Formerly Invita) and Hipotecaria SURA Annuities business Relaunch Distribution agreement with BlackRock International 10-year USD 500MM bond offering. The notes priced at a yield of 4.930% and a coupon of 4,875%. The order book was over subscribed 8.0x. Distribution of insurance policies through our insurance brokerage firm (Corredora de Seguros Uruguay) Distribution agreement with Franklin Templeton Distribution agreement with BlackRock 6 Sale of insurance company Sura Peru SURA ASSET MANAGEMENT 6

7 COMPLETE PRODUCT OFFERING DESIGNED TO COVER LIFE CYCLE NEEDS $ Wealth + - DE-ACCUMULATION PHASE Programmed Withdrawal ACUMULATION PHASE Securities Mutual Funds Annuities Life Insurance and savings Voluntary Savings Mandatory Pensions Life cicle WE SUPPORT OUR CUSTOMERS, TO ACHIEVE THEIR DREAMS AND GOALS;THROUGHT COMPLETE PRODUCT OFFERING DESIGNED TO COVER LIFE CYCLE NEEDS SURA ASSET MANAGEMENT 7 7

8 UNDISPUTED LEADER IN STABLE MANDATORY PENSION BUSINESS Over 2x Market Share of Next Competitor Economic Group Region 23.0% 19.3% 14.8% 39.4% 36.8% 17.6% 47.2% Ranking 1 st Ranking 4 th Ranking 3 rd Ranking 1 st Ranking 2 nd Ranking 2 nd Ranking 2 nd 10.7% 25.2% 2.3% 11.2% 27.4% 3.5% 9.3% 7.0% 19.5% 5.0 % 23.1% 6.8% 42.9% 5.4% 17.9% 4.4% 25.6% 12.8% 4.2% 13.9% Total AUM (USDBN) Number of Players Figures as of december 2017 This information is removed from superintendency of each country, which includes only AFP S AUM (Mandatory Pension, Voluntary Pension and Severance). SURA ASSET MANAGEMENT 8 8

9 WE HAVE THE GREAT CHALLENGE OF BECOMING THE LEADING COMPANY IN SAVINGS IN LATIN AMERICA 43% Growth in Voluntary Savings in the Last 24 Months (More Than 2x the Industry Average) Total MS (%) Voluntary Pension (1) Mutual Funds Life Insurance Annuities Growth 12 months Growth 24 months 10.4% 1.7% 14.0% 12.7% 0.8% 4% 6% 10.3% % 7.6% 6.9% 9% 14% 6.8% % 0.1% - 6% 16% 4.7% 16.0% 4.1% 0.4% 5.7% 11% 13% 4.4% 5.0% % 10.1% 10% 22% 4.1% 19.3% 2.5% 3.7% 4.7% 21% 46% 3.5% 14.8% - 1.0% 12.0% 11% 23% 3.3% 14.1% 1.5% 1.6% 6.6% 8% 23% 3.4% - 5.5% 0.003% - 8% 7% 3.1% 1.9% 4.7% 0.1% 0.1% 11% 29% Total AUM (USD BN) % 18% Figures as of December (1) Includes Voluntary Pensions from Protección in Colombia, an entity in which we have a 49.4% ownership interest but do not consolidate SURA ASSET MANAGEMENT 9 9

10 STRONG FINANCIAL PERFORMACE MAIN FIGURES ASSETS UNDER MANAGEMENT CLIENTS dic dic-17 VOLUNTARY MANDATORY MANDATORY VOLUNTARY CAGR 2012 Dec 2017: 13.2% MANDATORY 12.0% WM-LI&A 25.3% Figures in billion dollars CAGR 2012 Dec 2017: 4.0% MANDATORY 1.7% WM-LI&A 12.0% Figures in million (*) PROTECTION S AND AFP CRECER AUM are included. while SURA Asset Management has no control over AFP PROTECTION (and therefore indirectly AFP CRECER),data from both companies are included only for information purposes, because SURA Asset Management has a significant equity stake in these. 10 SURA ASSET MANAGEMENT 10

11 STRATEGY STRATEGIC GUIDELINES FOCUS ON THE CLIENT OUR PORPUSE We accompany our customers Achieve your dreams and goals; By Integral Consulting and Savings Products, Protection and Investments Throughout the life cycle; ensuring Generation Value and Sustainable Growth SURA ASSET MANAGEMENT 11

12 Mandatory business Volunteer Business (Funds, WM and Insurance) Mandatory business Asset Management Wealth Management EVOLUTION OF THE BUSINESS MODEL to the future SURA Asset Management Chile Mexico SURA Asset Management SURA Asset Management Perú Colombia Uruguay El Salvador SURA ASSET MANAGEMENT 12

13 EVOLUTION OF THE BUSINESS MODEL CLIENTE INDIVIDUAL INSTITUTIONAL CLIENT MANDATORY SAVINGS AND INVESTMENT ASSET MANAGEMENT» Mandatory pension» Severance» Voluntary Pensions» Distribution of own Mutual Funds and open architecture» Unit linked» Insurance distribution» Purchase sale of investment assets» Management of investment portfolios (Mandates and Funds)» Creation of products and services ADVICE FACILITY / ACCESSIBILITY RELATIONSHIP / SERVICE SURA ASSET MANAGEMENT 13

14 DEMOGRAPHIC FUNDAMENTALS YOUNG AND GROWING POPULATION Attractive Demographics in a Fast Growing Market(1) Age (US$) MM people over 20 10% 53% (%) Men Women (%) MM people over 20 25% 51% Annuities and Savings and Programmed accumulation Withdrawal period 81.5 Growing Life Expectancy 65.4 Growing Economically Active Population 1) Population distribution For Latin America as reported by Eclac Source: ECLAC and economic intelligence unit 2.0% 2.8% 2.1% 1.9% 0.7% 1.8% CAGR Chile Mexico Peru Colombia Uruguay El Salvador SURA ASSET MANAGEMENT 14 14

15 FINANCIAL SERVICES PENETRATION Low Penetration of Financial Services in LatAm Result in a Growing Opportunity in the Mandatory Pension and Savings Industries 2Q16 % GDP PENSIONS % GDP MUTUAL FUNDS (1) 2015 % GDP LIFE INSURANCE 97.4% 91.0% 8.0% 70.7% 79.4% 51.0% 33.6% 2.5% 3.0% 14.7% 20.3% 21.3% 23.3% 18.6% 9.4% 3.3% 7.5% N.A. 0.3% 1.0% 0.9% 0.8% 0.6% 0.5% (2) (2) Source: AIOS, EIU, OECD, Oxford Economics, FIAFIN, World Bank Market penetration = AUM / GDP. Source: Swiss Re Sigma Report, Local Regulators. Market penetration = Net Life Insurance Premiums / GDP. (1) 2016 figures for Chile, Colombia and Mexico figures for US, UK and Peru figures for El Salvador (2) Figures as of SURA ASSET MANAGEMENT 15 15

16 Santiago de Chile FINANCIAL PERFORMANCE AND COMERCIAL FIGURES

17 STATEMENT OF FINANCIAL POSITION CONSOLIDATED ASSET (-4.2%) LIABILITIES (-10.7%) EQUITY (+10.0%) DEC 17 DEC 17 DEC 16 DEC 16 Figures in million dollars ASSETS LIABILITIES AND SHAREHOLDERS EQUITY dec-17 dec-16 %Var dec-17 dec-16 %Var Financial assets 5, , % Technical reserves-insurance contracts 3, , % Goodwill and intangible assets 2, , % Financial Obligations and bonds 1, , % Investments in related companies % Financial liability for hedging % Investemnet properties % Deferred tax liabilities % Cash and cash equivalents % Accounts payable % Deferred acquisition cost (DAC) % Non Current Liabilities available for sale 77.0 Deferred tax asset % Other liabilities % Non current Asset available for sale 90.4 Total Liabilities 5, , % Other assets % Total asset 8, , % Shareholders equity 3, , % 17 Figures in million dollars

18 STATEMENT OF FINANCIAL POSITION DEBT DEBT EBITDA - YTD DEC 16 1,198.0 DEC % +17.0% DEC 17 1,053.6 DEC COP 20% CLP 13% MXN 7% CURRENCY EXPOSURE USD 60% Figures in million dollars 2016 EBITDA is restated at exchange rates of december 2017, to eliminate the effect of conversion rates. Financial Obligations 18% Financial liability hedge 2% TYPE OF DEBT Bonds issued 80% 2.1x 1.9x 7.8x DEBT / EBITDA LTM (GROSS NET) EBITDA YTD / INTEREST 5.7% 7.1% 6.0% COST OF DEBT (USD with hedge COP Total) 18

19 SURA ASSET MANAGEMENT CONSOLIDATED INCOME STATEMENT DIC 17 DIC 16 % Cump Plan %Var sin FX Fee and commission income % 5.8% "Encaje" return % 118.7% Income (expenses) equity method % 45.0% Other operating revenue % 33.5% Ingresos operacionales admon. de pensiones y fondos % 13.4% Insurance Margin % -6.1% Total operative revenue % 11.4% Selling operating cost (143.4) (137.8) 100.0% 4.1% Deferred acquisition cost - DAC (2.6) % Operating and administrative expenses (360.6) (334.9) 100.4% 7.7% COFECE AND Misys Mexico (9.4) Wealth tax (7.5) (19.2) 99.8% -60.9% Total operating expense (523.5) (485.5) 102.9% 7.8% Operating income % 16.9% Financial expense (50.7) (46.1) 9.9% Income (expense) financial derivatives and Exchange difference (1.8) 19.0 Net income before income tax % Income tax (128.2) (103.8) 23.4% Net income for the year continued operations % Net income for the year dicontinued operations % Net income % Figures in million dollars 19

20 SURA ASSET MANAGEMENT CONSOLIDATED FIGURES OPERATIVE INCOME FOR PENSION FUNDS ADMINISTRATION INSURANCE MARGIN dec % < 13.4% dec % < -6.1% dec dec OPERATING EXPENSE NET INCOME dec % < 7.8% dec % < 0.6% dec dec Figures in million dollars dec -16 dec -17 %var %Var. Excl. Forex effect SURA ASSET MANAGEMENT 20

21 SEGMENTS MAIN FIGURES MANDATORY dec 17 dec 16 %Var %Var Excl - Forex effects Fee and commission income % 3.7% "Encaje" return % 118.7% Income (Expense) of Equity Method % 54.8% Operative income for pension funds administra % 12.2% Total operating expenses (299) (264) 13.2% 11.2% Operating income % 12.8% Income tax (100) (68) 46.8% 44.7% Net earnings for the year % 4.6% VOLUNTARY dec 17 dec 16 %Var %Var Excl - Forex effects Fee and commission income % 27.2% Income (Expense) of Equity Method % -27.8% Insurance Margin % 3.1% Total operating expenses (107.6) (93.7) 14.9% 11.7% Operating income (10.6) (12.8) -17.5% -20.3% Income tax (0.4) (4.8) -91.0% -91.3% Net earnings for the year (10.6) (17.1) -37.9% -40.3% Figures in million dollars INSURANCE dec 17 dec 16 %Var %Var Excl - Forex effects Net Premiums % -17.6% Proceeds from investments backing reserves % 12.3% Claims (129) (106) 22.5% 19.3% Movement in premium reserves (367) (437) -15.9% -18.5% Insurance Margin % -9.4% Total operating expenses (34) (30) % Operating income % -28.7% Net earnings for the year % -55.8% CORPORATE dec 17 dec 16 %Var %Var Excl - Forex effects Total operating expenses (83) (87) -4.5% -7.3% Financial expense (59) (52) 13.8% 11.9% Income (expense) financial derivatives % -49.8% Income (Expense) on exchange differences (19) (0) % % Income tax (19) (22) -10.4% -13.5% Net earnings for the year (132) (141) -6.3% -8.8% 21 SURA ASSET MANAGEMENT 21

22 MANDATORY MAIN FIGURES FEE AND COMMISSION INCOME 7.9% 6.5% -0.3% 13.6% 5.7% 3.5% 7.7% -3.7% 8.0% 3.7% ENCAJE RETURN 118.9% 615.5% 49.3% 226.5% 126.6% 109.9% 624.0% 44.3% 210.3% 118.7% Chile Mexico Peru Uruguay Total Chile Mexico Peru Uruguay Total OPERATIVE EXPENSES 16.9% 14.7% 3.4% 26.2% 13.2% 12.1% 16.1% -0.1% 19.9% 11.2% NET INCOME -7.9% 6.1% 10.6% 18.9% 62.5% 7.3% -11.6% 7.3% 6.8% 13.0% 57.2% 4.6% Figures in million dollars Chile Mexico Peru Uruguay Total dec -16 dec -17 %var %Var. local currency Chile Mexico Peru Uruguay EM Protección Total y AFP Crecer SURA ASSET MANAGEMENT 22

23 MANDATORY COMMERCIAL FIGURES ASSET UNDER MANAGEMENT 20.6% 18.9% 16.4% 29.6% 19.9% 9.5% 19.1% 9.3% 12.6% 12.5% 26.7% 19.3% 9.5% 13.2% 119,065 99,930 AFFILIATES (MILLION) -2.8% -2.2% -0.1% -0.1% 4.1% 4.8% 0.2% ,188 40,033 24,175 19,820 23,562 16,138 28,998 18,789 2,224 2,884 4,800 4, Chile Mexico Peru Uruguay Protección El Salvador Total SALARY BASE Chile Mexico Peru Uruguay Protección El Salvador FEE Total 7.50% 3.92% 16.23% 9.80% 6.35% 7.63% 3.1% 0.4% 10.5% 6.2% 6.3% 4.0% 39,251 36, % 1.44% 1.44% 1.03% 1.07% 1.99% 1.89% 1.55% 1.04% 1.09% 1.26% 1.26% 13,69612,740 8,561 8,238 1,425 1,226 12,743 11,606 Figures in million dollars Figures include Protección and Crecer, entities not consolidated by SURA AM 2,826 2,657 Chile Peru Uruguay Protección El Salvador Total Chile Mexico Peru Uruguay Protección El Salvador dec -16 dec -17 %var %Var. local currency 23 SURA ASSET MANAGEMENT 23

24 VOLUNTARY MAIN FIGURES FEE AND COMMISSION INCOME 27.7% 15.3% 63.9% 158.8% 0.0% 29.9% 22.5% 16.7% 58.3% 146.0% 0.0% 27.2% NET PREMIUMS WITH SAVINGS -5.7% % -9.6% % Chile Mexico Peru Uruguay Colombia Total Chile Total OPERATIVE EXPENSES 10.7% 18.2% 9.6% 50.8% 87.1% 14.9% 6.2% 19.6% 5.9% 43.3% 81.0% 11.7% Chile Mexico Peru UruguayCorporate and others Total dec -16 dec -17 Figures in million dollars %var %Var. local currency -5.6 NET INCOME -56.0% 70.7% -33.6% 30.2% -29.7% 86.7% 0.0% -37.9% -57.8% 72.7% -35.8% 23.7% -32.0% 80.6% 0.0% -40.3% Chile Mexico Peru Uruguay EM Colombia Argentina Total Protección and AFP Crecer* 24 SURA ASSET MANAGEMENT

25 VOLUNTARY COMMERCIAL FIGURES ASSET UNDER MANAGEMENT 52.2% 35.5% 57.9% 99.2% 21.0% 39.8% 37.9% 28.3% 52.5% 94.7% 20.4% 32.3% CLIENTS (Miles) 6.9% 32.2% 22.5% -8.2% 15.6% 15.1% 12,421 8,888 1, ,056 2,666 4,523 3,339 1, , , Chile Mexico Peru Uruguay Protección Total NET FLOW -53.4% 93.5% 33.0% 44.8% 90.4% 35.5% -57.8% 83.3% 28.4% 41.6% 89.3% 28.0% 1,502 1,108 Chile Mexico Peru Uruguay Protección Total RETURN % 22.69% % % 16.90% 41.88% 118.6% 16.2% -22.7% 128.0% 16.3% 35.4% Chile Mexico Peru Uruguay Protección Total Figures in million dollars Figures include Protección and Crecer, entities not consolidated by SURA AM dec -16 dec -17 Chile Mexico Peru Uruguay Protección Total %var %Var. In local currency 25 SURA ASSET MANAGEMENT 25

26 INSURANCE MAIN FIGURES NET PREMIUMS -21.4% 13.1% -14.9% -24.6% 14.4% -17.6% MOVEMENT IN PREMIUM RESERVES -27.5% 30.8% -15.9% -30.5% 32.4% -18.5% Chile Mexico Total Chile Mexico Total RETEINED CLAIMS NET INCOME 25.0% 16.5% 22.5% 19.9% 17.9% 19.3% % -21.5% % -54.5% -3.8% -20.5% % -55.8% Figures in million dollars Includes life insurance and Annuities Chile Mexico Total dec -16 dec Chile México Perú Total %var %Var. In local currency 26 SURA ASSET MANAGEMENT 26

27 Santiago de Chile ANNEXS

28 SURA ASSET MANAGEMENT CONSOLIDATED INCOME STATEMENT DEC 17 DEC 16 % Var %Var Excl - Forex effects Fee and commission income % 5.8% Investment income % -0.9% Gains and losses at fair value % % "Encaje" return % 118.7% Income (Expense) of Equity Method % 45.0% Other operating revenue % -31.0% Operative revenues for pension funds administration % 13.4% Gross premiums % -13.9% Premiums ceded to reinsurers (10.5) (7.5) 39.7% 34.0% Net Premiums % -14.3% Proceeds from investments backing reserves % 23.3% Gains and losses at fair value backing reserves % 26.8% Claims (362.1) (238.9) 51.6% 46.4% Movement in premium reserves (472.6) (634.6) -25.5% -28.1% Insurance Margin % -6.1% Gastos operacionales de ventas (143.4) (134.8) 6.4% 4.1% Costos de Adquisición Diferidos -DAC (2.6) % % Operating and administrative expenses (369.9) (327.2) 13.1% 10.5% Wealth tax (7.5) (18.6) -59.6% -60.9% Total operating expenses (523.5) (474.5) 10.3% 7.8% Figures in million dollars Operating income % 16.9% Financial income % 24.8% Financial expense (61.9) (54.2) 14.3% 12.3% Income (expense) financial derivatives % 9.2% Income (Expense) on exchange differences (21.6) % % Net earnings before income tax % 9.6% Income tax (128.2) (101.8) 26.0% 23.4% Profit for the year from continuing operations % 1.5% Profit for the year from discontinued operations % -4.5% Net earnings for the year % 0.6% 28 SURA ASSET MANAGEMENT 28

29 SURA ASSET MANAGEMENT RECURRING INCOME AND EBITDA REAL FX YTD RESULTS RECURRING INCOME dic 17 DIC 16 % Var %Var Excl - Forex effects EBITDA dic 17 DIC 16 % Var %Var Excl - Forex effects Net Income without non-recurring items % 1.5% Non-Recuerrent Items 0.0% Wealth tax % -60.9% Wealth tax impact in Protección s equity method % -13.6% Tax benefit AFP Capital (25.0) COFECE % Net Income without non-recurring items % 14.4% Non-Cash Items Intangible asset amortization (ING and Invita) % 10.7% Deferred tax intangible asset (ING and Invita) (9.8) (3.7) 166.7% 166.3% Intangible asset amortization (Horizonte) % -0.4% Deferred tax intangible asset (Horizonte) (2.0) (1.9) 3.1% -0.4% Income (expense) exchange difference 21.6 (0.9) % % Income (expense) financial derivatives (19.9) (17.6) 13.0% 9.2% Net Income after non-recurring and noncash items % 22.8% Underlying Result Before minority interest % 0.6% +Depreciation and amortization % 9.1% +Financial expense % 59.3% +/-Income (expense) Exchange difference 21.6 (0.9) % % +/-Income (expense) financial derivatives (19.9) (17.6) 13.0% 9.2% +/-Income Taxes % 23.4% +/-Wealth tax % -60.9% Consolidated EBITDA % 17.0% EBITDA without "Encaje" % 8.8% Margin Ebitda without " Encaje" 52.2% 51.4% 1.7% 1.8% Encaje "return" % 118.7% Net Income after non-recurring and noncash items-without encaje "return" % 3.5% Figures in million dollars 29 SURA ASSET MANAGEMENT 29

30 EXCHANGE RATE LOCAL CURRENCY TO USD: dic-17 Average.MXN 18.9 Average.CLP Average.PEN 3.3 Average.COP Average.UYU 28.6 LOCAL CURRENCY TO USD: dic-17 Last.MXN 19.5 Last.CLP Last.PEN 3.2 Last.COP Last.UYU Mexico Average Mexico Last MXN / USD PEN / USD Peru Average UYU / USD Uruguay Average Peru Last Uruguay Last 3,300 3,100 2,900 2,700 2,500 2,300 2,100 1,900 1,700 CLP / USD 700 Chile Average Chile Last COP / USD Colombia Average Colombia Last SURA ASSET MANAGEMENT 30