Grupo Sura Sells El Salvador Insurance Business Days After Moving Argentinean Assets

Colombian financial services giant Grupo Sura has sold Asesuisa, its insurance business in El Salvador, for more than $43 million USD to Interamericana Holding Group S.A., according to a report from local business newspaper La Republica.

This significant move marks the second major sale in a matter of days for the Medellín-based company after it sold its holdings in Argentina to Sudamericana Holding.

The sale of its El Salvador subsidiary also comes on the same day that Grupo Sura announced a 8.8% increase in profit in the second quarter, which saw total profits of $153 million USD despite a significant increase in operating expenses driven largely by exchange rate fluctuation in the Colombian peso.

“The results of this period reflect the greater devaluation of the Colombian peso against the rest of the currencies in the region and the consolidation of the AFP Proteccion,” stated the company in its results announcement.

With the moves, Grupo Sura continues to stay in the headlines.

The firm has been in news all year long due to its involvement in billionaire shareholder Jaime Gilinski’s high-profile pursuit, and eventual takeover, of Grupo Nutresa.

Photo credit: Grupo Sura