Climate Change Data

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Innovation
• Human Talent and Culture
• Reputation and Trust
• Financial Management
• Internal and External Partnerships
• Knowledge
• Environmental Impact Management
• Supply Chain
• ESG Investment Approach
• Social Investment
• Human Rights

Environmental Achievements

• Reduced direct energy consumption by 37% in air travel and 42% in overland trips using corporate vehicles.
• Reduced water consumption by 79%.

Social Achievements

• Launched various social and financial education programs benefiting thousands of students and community members.
• Expanded corporate volunteer program to 10 countries, with over 3,500 employees participating.
• Invested COP 18,641 million (USD 6.3 million) in social development projects.

Governance Achievements

• Completed the Best Corporate Practices Survey, implementing 145 out of 148 recommendations.
• Received the Investor Relations Recognition award from the Colombian Stock Exchange.
• Received two international awards for best corporate governance.

Climate Goals & Targets

Environmental Challenges

• Economic slowdown affecting Latin America.
• Political uncertainty in several countries due to elections.
• Challenges facing pension systems in terms of coverage, efficiency, and sustainability.
• Regulatory changes in various countries.
• Emerging competitors in the financial services sector.

Mitigation Strategies

• Strategic planning focused on profitability, innovation, and adaptation.
• Portfolio optimization and leverage reduction.
• Active participation in discussions regarding pension system reforms.
• Constant monitoring of the business environment and adaptation to new realities.
• Development and transformation of operations based on new technologies and business models.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Comprehensive Supplier Management and Procurement Policy
• Code of Conduct for Suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: Ernst & Young

UN Sustainable Development Goals

• Goal 8 (Decent work and economic growth)

The company's strategy and projects contribute to several SDGs, with a particular focus on Goal 8. Other goals impacted include those related to health and well-being, quality education, and industry and innovation.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• IR Recognition award
• Ethical Boardroom’s “Best Corporate Governance” award
• Alas20’s “Leading Company” award

Environmental Metrics

ESG Focus Areas

• Climate Change
• Diversity & Inclusion
• Governance
• Financial Inclusion
• Human Rights
• Sustainable Development Goals (SDGs)

Environmental Achievements

• 26% increase in premiums associated with insurance involving environmental variables (Suramericana)
• USD 4,427 million in thematic investments with positive social and environmental impact (SURA AM)
• 89.1% use of renewable electricity (Grupo Nutresa)
• 87.2% of packaging designed to be recyclable, reusable, and compostable (Grupo Nutresa)
• More than 150.7 tons of post-consumer packaging collected since 2020 (Grupo Nutresa)
• 36% reduction in CO2e emissions intensity per million COP in revenues compared to 2018 (Grupo Argos)
• More than 15.2 million trees planted in Colombia over the last six years (Grupo Argos)
• Celsia received carbon-neutral certification from Icontec (Grupo Argos)
• Cementos Argos and Odinsa received climate change mitigation target validation from SBTi (Grupo Argos)

Social Achievements

• Financial inclusion and education initiatives reaching 2.4 million people (Suramericana and SURA AM)
• 21.7 million people benefited from 375 social impact projects (SURA Foundation)
• 2,508 entities strengthened through social impact investments (SURA Foundation)
• USD 10.3 million in total direct social investment (Companies and SURA Foundation)
• 65.8% of SURA employees are women, holding 56.4% of leadership positions
• 61.5% of new hires in 2022 were women
• 28,000 people trained through SURA Foundation programs
• Improved 2,104 housing units in Colombia (Grupo Argos)
• 1,232 tons of food delivered to 1.5 million people in 7 countries (Grupo Nutresa)
• 1,706 sustainable food systems established in Colombia (Grupo Nutresa)
• 12,580 employees participated in Nutresa Foundation volunteering program
• Bancolombia disbursed COP 14.2 trillion in loans to projects with social and environmental commitments
• 243,000 people obtained their first formal credit through Bancolombia's A La Mano App

Governance Achievements

• Implementation of 143 of 148 recommendations from Colombia's Country Code initiative
• Strengthened Ethics and Compliance System
• Independent forensic audit conducted by Kroll, finding no evidence of accounting fraud or contract concealment
• Improved leverage ratio (net debt to dividends received ratio dropped from 6.6 to 3.9)

Climate Goals & Targets

Environmental Challenges

• Hostile tender offers for Grupo SURA and portfolio companies
• Changes in Board of Directors structure
• Allegations of accounting fraud
• Global macroeconomic challenges (inflation, rising interest rates, market volatility)
• Supply chain disruptions
• Rising claims rates (especially in auto and health insurance)
• Regulatory changes in Mexico and other countries
• Erosion of social cohesion in Latin America
• Longevity trends impacting pension business
• Rise of Fintechs

Mitigation Strategies

• Strengthened Ethics and Corporate Governance System
• Independent forensic audit
• Improved internal controls
• Deleveraging efforts
• Strict cost controls and efficiency improvements
• Risk transfer through reinsurance contracts
• Development of new products and services
• Active stakeholder engagement
• Participation in public policy discussions
• Studies on longevity trends
• Adaptation to the changing market landscape

Supply Chain Management

Responsible Procurement

• Training programs for suppliers (Seguros SURA Colombia)

Climate-Related Risks & Opportunities

Physical Risks

• Heavy rainfall
• Hail
• Drought
• Heat waves
• Tropical cyclones
• Flooding

Transition Risks

• Regulatory and political changes (carbon pricing)

Opportunities

• Sustainable finance
• Development of ESG-based products and services

Reporting Standards

Frameworks Used: GRI

Third-party Assurance: EY

UN Sustainable Development Goals

• SDG 8: Decent work and economic growth

The company's strategy is aligned with several SDGs, particularly SDG 8, through its focus on sustainable profitability, financial inclusion, and human capital development.

Sustainable Products & Innovation

• ESG-based insurance solutions
• Sustainable investment vehicles

Awards & Recognition

• Dow Jones Sustainability World Index (DJSI)
• Bloomberg Gender Equity Index
• Investor Relations Award (BVC)
• Merco ESG Responsibility Ranking
• Merco Corporate Ranking
• Merco Talent Ranking
• Private Social Investment Index (IIP)