AM Best Affirms Financial Strength Rating of A- (Excellent) for Seguros Suramericana S.A. (Sura)

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) for Seguros Suramericana S.A. (Sura), a Panama-based insurer. The stable outlook reflects Sura's strong balance sheet, adequate operating performance, and appropriate enterprise risk management, supported by a well-structured reinsurance program and synergies provided by Grupo Sura. However, the company's profitability has declined in recent periods, and the highly competitive landscape in Panama is a concern.

Key Takeaways:

• Seguros Suramericana S.A. (Sura) has an A- (Excellent) Financial Strength Rating and "a-" (Excellent) Long-Term Issuer Credit Rating, with a stable outlook.
• Sura's balance sheet strength is supported by a well-structured reinsurance program and synergies provided by Grupo Sura, a leading Colombia-based financial services company in Latin America.
• The company's adequate operating performance is offset by a decline in profitability in recent periods, which may pose a risk to its ratings.
• Sura's main business segment is auto, representing 39% of its gross written premium, while 72% of its business portfolio is composed of non-life products.
• The company's capital base is driven by a value-based management model, while meeting the group's post-merger return on investment goals.
• AM Best expects Sura to follow consistent capital management guidelines supportive of its ratings.
• The company's largest business lines have grown by 3.9% in 2024, with an opportunity for underwriting improvements to enhance profitability.
• Sura's operating performance metrics in June 2025 resulted in a net loss of USD 2.9 million.

Statistics:

• Seguros Suramericana S.A. (Sura) is the fourth-largest insurer in Panama, with a market share of 8.8% as of December 2024.
• 72% of Sura's business portfolio is composed of non-life products, with life products making up the remaining 28%.
• The company's main property/casualty business segment is auto, representing 39% of its gross written premium.
• Sura's capital base has been supported by a comprehensive reinsurance program, with set reinsurers having excellent security.
• AM Best's Best's Capital Adequacy Ratio (BCAR) measures Sura's risk-adjusted capitalization at the strongest level.
• As of June 2025, Sura's operating performance metrics presented a net loss of USD 2.9 million.

Sources:

• AM Best, "AM Best Affirms Credit Ratings of Seguros Suramericana S.A. (Sura)"
• Grupo Sura, "Grupo Sura's Initiative to Optimize Shareholder Value" (2018)