The Suramericana group retains strong competitive advantages thanks to its good brand recognition, well-diversified income sources, and stable operating performance. Steady capital adequacy levels over time, although they're below our 'BBB' category benchmark. Access to external sources of capital and liquidity and manageable debt. Seguros Generales Suramericana, as a core subsidiary, benefits from the Suramericana group's support. Investment portfolio is concentrated in securities issued by financial institutions. However, strong risk controls in place mitigate concentration and credit risks. Insurance operations based mostly in Colombia, which constrains the group's business risk profile and our rating on the subsidiary. The ratings on Seguros Generales Suramericana S.A. (Seguros Generales Suramericana) reflect its core group status to the Colombia-based insurance group Suramericana S.A., which
