Grupo Sura Unit Outlook Revised to Negative

Grupo Sura saw credit rating agency AM Best revise the outlook to negative from stable for its subsidiary Seguros Suramericana S.A. on 10 September 2026. The agency affirmed the Panama-based insurer's credit ratings while signalling pressure on operating performance.

The subsidiary posted a net loss of 6.9 million PAB for 2025. Technical results deteriorated further through June 2026, when cumulative net losses reached 9.8 million PAB. Its capital and surplus contracted 16% in 2025 due to these operating losses.

Underwriting metrics weakened over the period. The net non-life combined ratio rose to 106% in 2025, up from 96% in 2024. Meanwhile, gross insurance service revenue grew 6.1% in 2025.

As of December 2025, the unit held a 7.8% market share in Panama, ranking fifth in the country. Non-life business represented 72% of the underwriting portfolio, while life business accounted for 28%. Auto insurance generated 39% of gross insurance service revenue.