MAPFRE
Madrid 2,204 EUR -0,02 (-0,81 %)
Madrid 2,204 EUR -0,02 (-0,81 %)

CORPORATE | 07.27.2023

MAPFRE acquires Insignia Life to boost the growth of life insurance in Mexico

Thumbnail user
  • Insignia Life has more than two million policyholders and manages more than 105 million euros in life insurance
  • Both companies will maintain their operations independently
  • Insignia Life stands out for its annual growth rate which is higher than that of the sector, and has positioned itself as the eighth insurance company in individual life portfolio in Mexico.*

MAPFRE, the largest insurance company in Latin America, has reached an agreement with the Mexican life insurance company Insignia Life, to acquire 94% of its shares and to start jointly developing a range of Life products that will boost the growth of this business line in the Mexican market. This latest investment is another example of MAPFRE’s commitment to the country, as well as the confidence it has in the Mexican insurance market.    

The transaction is valued at 1.61 billion Mexican pesos, equivalent to approximately 86 million euros at the current exchange rate. An additional variable price has also been agreed, which be paid in line with the achievement of objectives.

Insignia Life is an insurance company specialized in Life, which has operated in the country since 2008, and currently provides  service to over two million customers. It has always leveraged technology to offer constant innovation and agility in its services, with a firm belief in people, their projects, and the future of Mexico. It currently has a portfolio worth 1.97 billion Mexican pesos, approximately 105 million euros in premiums (at current exchange rates).

As part of the agreement, Insignia Life will continue operating as an independent brand. The company’s current management team, led by its president, Isaac Zetune, and general manager, Antonio Fernández, will continue to run the company in this new stage. These executives will also continue to hold 6% of the shares of Insignia Life.

“For MAPFRE, this transaction is proof of our full confidence in the Mexican market, where we have been present for over 30 years, and where we aspire to play a greater role in the future and continue to develop new distribution channels to provide our customers with the best service,” explained Jesús Martínez Castellanos, MAPFRE CEO in LATAM.

“Moreover, this investment is part of MAPFRE’s strategy in Latin America to deliver further growth in the region’s Life portfolio.”

“Insignia Life, alongside MAPFRE, will expand and become more powerful, with a solid financial backing that will allow it to strengthen its growth and broaden its coverage and territorial presence. Our channel of promoters and agents has proven to be the road to success, and we will continue to underpin growth in the same way, meaning we will continue to be an agent-based company, for agents.  We are determined to perform at the highest level and work with the best practices and technologies available, making good on our obligations without any excuses,” explained Isaac Zetune, Insignia Life Chairman.

Completion of the transaction is subject to authorization by the corresponding regulators of the Mexican market. The current exchange rate of 18.6 pesos per euro has been used to convert Mexican pesos to euros.

 

About MAPFRE

MAPFRE has been present in Mexico since 1990. It currently provides service to over 7 million customers around the country’s 32 states, through 218 offices, 7,176 intermediaries, nearly 400 brokers, and 2,500 providers. In its most recent fiscal year, MAPFRE generated premiums of more than 1 billion euros in Mexico, with attributable earnings of 31 million euros.

MAPFRE is a global insurance company. It is a benchmark company in the Spanish market, the largest Spanish insurer in the world, the top insurance group in Latin America, and is ranked sixth largest in Europe in terms of Non-Life premium volume. MAPFRE has over 31,000 employees and had revenues of nearly 29.5 billion euros in 2022, with net earnings totaling 642 million euros.

About Insignia Life

Insignia Life is a Mexican insurance company specialized in Life. It was founded in 2008, based on solid principles of transparency, clarity, and integrity that ensure the well-being and economic stability of its promoters, agents, and policyholders.

It currently has over 4,000 business partners, promoters, agents, and brokers throughout all Mexico, and who look for close proximity, warmth, and clear and understandable products on a daily basis. The company has over 200 employees, insures 1.3 million lives, and has 23 billion euros in insured capital in force. In 2022, revenues exceeded 105 million euros in gross written premiums and net earnings were over 2 million euros, making it a benchmark in the sector.

MAPFRE media contacts:

Juan Francés juanfrances@mapfre.com +34 616294628

Jorge Viveros jviveros@mapfre.com.mx +52 5543548627

Insignia Life Contact

Manu Anguiano

5540582759

*Excluding bancassurance