
Mexican Sura unit expects double digit insurance growth

Sura Seguros México, the local subsidiary of Colombiaꞌs biggest financial group, started its life insurance business in December 2013 after acquiring INGꞌs operations.
In 2015, the company received the highest possible rating from Fitch due to its strong financial position.
The insurer's CEO, Rodrigo Sandoval, spoke to BNamericas about the short-term growth plans as well as industry issues.
BNamericas: How do you perceive the Mexican market?
Sandoval: There are huge opportunities for insurers to grow in the country. Only around 15% of the people who are economically active have life insurance coverage and over half of the population has no social security.
BNamericas: How did the market welcome the ING acquisition?
Sandoval: Obviously the brand matters a lot since people and companies recognize the name and feel a secure. Sura is very well known in the region as the biggest asset manager. In Mexico, our Afore [pension fund manager] Afore is very strong and that gives clients tranquility.
BNamericas: What are your growth expectations for this year?
Sandoval: At the end of 2015, Sura reported total insurance premiums of 695mn pesos (US$40mn), with 90% coming from group insurance products and the rest from individuals. This year we expect to grow to 1bn pesos in premiums, focusing on sustainable and profitable growth.
BNamericas: How do you expect to achieve this?
Sandoval: Sura expects to continue to grow at double digits this year, like we did in 2014 and 2015, when we grew more than 20% annually. Our strategy will be to focus on promoting individual insurance products while retaining our strong growth in group insurance. This is to align the strategy with Suraꞌs parent company which is specialized in products for people rather than companies.
BNamericas: What can be done to increase the use of insurance in Mexico?
Sandoval: People typically begin to use insurance products as their disposable income increases. However, it also depends a lot on the amount of information and education they receive on this particular type of financial instruments, which can also help people to save and prepare for the future.
BNamericas: What does Sura do to increase the insurance culture?
Sandoval: Sura invests heavily in our sales force training it has recently created a business school where executives are trained to better help customers in choosing the insurance product that suits their particular needs.
BNamericas: Is there a chance you could grow inorganically in the Mexican market?
Sandoval: I think the opportunities are always there and we are always open to analyzing them, as long as they make sense to the business and add value to our shareholders.
Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.
News in: Political Risk & Macro (Mexico)

'The level of crime that afflicts Mexico is a reality'
BNamericas talks with the Mexico City branch of Bureau Veritas to get a providers' view of Mexico's mining sector, from the industry's obstacles to...

BMW to put US$865mn into EV, battery manufacturing in Mexico
The new battery manufacturing facility will be built at the German company's 300ha complex in Villa de Reyes municipality.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Line 6 of the Monterrey Metro (Metrorrey)
- Current stage:
- Updated:
1 day ago
- Project: Widening Las Playas corridor section I: La Chorrera - Santa Cruz
- Current stage:
- Updated:
1 day ago
- Project: Gerardo Barrios Bypass of the City of San Miguel - Package 2
- Current stage:
- Updated:
1 day ago
- Project: Buenavista Zinc
- Current stage:
- Updated:
1 day ago
- Project: Batopilas (Reyna Silver)
- Current stage:
- Updated:
1 day ago
- Project: Guigui
- Current stage:
- Updated:
1 day ago
- Project: Rengen photovoltaic plant
- Current stage:
- Updated:
1 day ago
- Project: Green Hydrogen Pilot Project of International Neoenergía Iberdrola in Puerto de Suape
- Current stage:
- Updated:
1 day ago
- Project: Boa Sorte 7 photovoltaic plant (Boa Sorte solar complex)
- Current stage:
- Updated:
2 days ago
- Project: Boa Sorte 6 photovoltaic plant (Boa Sorte solar complex)
- Current stage:
- Updated:
2 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Santa Clara Energy Group, S.R.L.
- Company: Aeropuertos del Perú S.A.  (ADP)
-
Airport concessionaire Aeropuertos del Perú S.A. (AdP) was formed in 2006 to design, construct, operate and maintain the country's network of regional airports in the north and ...
- Company: Compañia Minera Antamina S.A.  (Minera Antamina)
-
Compañía Minera Antamina S.A. is a Peruvian company which engages in the production of copper and zinc concentrates, as well as molybdenum, silver and lead as by-products. The o...
- Company: Iguá Saneamento S.A.  (Iguá Saneamento)
-
Iguá Saneamento, formerly CAB Ambiental, is a Brazilian water and sewerage services supplier for urban areas. Iguá Saneamento's organizational structure is split in six business...
- Company: Central Hidroeléctrica de Caldas S.A. E.S.P.  (Central Hidroeléctrica de Caldas (CHEC))
-
Colombian power company Central Hidroeléctrica de Caldas (Chec) is engaged in power generation and distribution activities. Caldas boasts 190MW hydro and 50MW thermo capacity, a...
- Company: China CAMC Engineering Co., Ltd. Sucursal Perú  (China CAMC Engineering Perú)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Hytron - Neuman & Esser