Grupo Bolivar (BVC: GRUBOLIVAR) & Seguros Bolivar Top COP 6T in Premiums: Will Davivienda Re-Rate the COLCAP?
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Anchored by Seguros Bolivar—which surpassed COP 6 trillion in annual written premiums with COP 4.6 trillion in equity, a 9.9% market share, and a Fitch BBB- investment-grade rating—alongside Banco Davivienda's regional expansion, Grupo Bolivar (BVC: GRUBOLIVAR) delivers counter-cyclical cash flow on Colombia's BVC.
Under Superintendencia Financiera de Colombia (SFC) and Fasecolda reporting, Seguros Bolivar protects over 5.2 million clients with 23.3% growth in Health, 15.9% in ARL workers' compensation (COP 965 billion), and COP 1.1 trillion+ in Life premiums. This AAA(col)-rated insurance float cushions credit-cycle provisioning at Banco Davivienda (BVC: PFDAVVNDA) following its Scotiabank (NYSE: BNS) integration and Constructora Bolivar.
Compared against MSCI COLCAP peers Grupo Sura (BVC: GRUPOSURA) and Grupo Aval (NYSE: AVAL) on the Bolsa de Valores de Colombia (nuam exchange), institutional desks see deep sum-of-the-parts value. Will Seguros Bolivar's investment-grade cash engine and Davivienda's ROE recovery erase GRUBOLIVAR's holding discount?
Will Seguros Bolivar and Davivienda re-rate GRUBOLIVAR on the BVC?
- Seguros Bolivar's COP 6T float and Davivienda will re-rate it0 %
- Conglomerate holding discounts on the BVC will cap upside0 %
- Depends on Davivienda's ROE recovery and SFC capital rules0 %
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