Mapfre’s attributable earnings for 2021 amounted to 765 million euros, showing an increase of 45.3 percent on the previous year, thanks to solid business results in the Iberia and North America regional areas, where earnings growth exceeded 15 percent in both cases, and the good performance of the reinsurance business and the extraordinary profit (167 million euros) generated by the termination of the alliance with Bankia. Part of this gain, 104 million euros, has been assigned to shoring up the company’s future profitability, adapting and improving the operational efficiency of its businesses in Spain and Italy, as well as optimizing the Group’s financial structure.

These earnings illustrate the great resilience of the Group, which in 2021 dealt with COVID-related claims totaling more than 460 million euros. A breakdown of this impact by business line is shown in the accompanying table.

The Group’s revenues increased by 7.2 percent in 2021, exceeding 27.3 billion euros, while premiums reached 22.2 billion euros, up 8.2 percent. This increase in premiums comes on the back of a favorable evolution of the business in the Iberia regional area, in Latin America (where practically all countries saw growth) and in the reinsurance business.

The combined ratio rose by 2.7 percentage points to 97.5 percent, affected by the increase in losses, due to the easing of mobility restrictions, and by the still-high COVID claim levels in Latin America, especially in the Life Protection and Health lines. The combined ratio would have stood at 96.1 percent without the aforementioned costs, incurred to strengthen the business. Additionally, the COVID claims represent an additional worsening of just over one point in the combined ratio. Excluding both these effects, the combined ratio would have been approximately 95 percent.

The Group’s attributable equity at the end of 2021 stood at 8.46 billion euros, while total assets amounted to 63.9 billion euros, driven by the Bankia exit.

Mapfre’s investments totaled 46.2 billion euros, of which almost half correspond to sovereign fixed income.

The Solvency II ratio as at the end of September 2021 stood at 193.8 percent, with 87 percent of capital being the highest quality (Tier 1). This ratio reflects a prudent approach to managing the balance sheet and active investment management, as well as the strength and resilience of Mapfre’s balance sheet.

1.- INSURANCE UNIT

Insurance Unit premiums amounted to 18.2 billion euros at the end of 2021, 8.9 percent higher than the previous year, while earnings were 786 million euros, similar to the amount achieved in 2020.

Iberia

In Spain, premiums amounted to 7.5 billion euros, which represents an increase of 8.8 percent, 3.8 points better than the industry achieved in 2021. This above-market growth is recorded both in the Life and Non-Life businesses. Earnings from the business in Spain amounted to 534 million euros, 20 percent more than the previous year, and the country maintains its position as the leading Group profit contributor.

It is important to highlight the progress made in the Automobile business, with 6.2 million insured vehicles (+3.7 percent compared to the previous year), and premiums of almost 2.3 billion euros (+1.1 percent), compared to a decline for the sector of 0.8 percent.

General P&C insurance business premiums came in at 2.2 billion euros (+3 percent), reflecting the good performance of most Non-Life lines, with the growth in Homeowners (+2.1 percent), Communities (+6.8 percent) and Enterprise (+7.6 percent) all being notable. Health and Accident volume rose 9.5 percent to 689 million euros, double that of this business line in Spain.

The Life business recorded growth of 23.8 percent (practically triple the market growth), with premium volume rising to more than 2.1 billion euros. The improvement in the Life Savings business is notable, at 35.9 percent, and the agency channel also performed well, with premiums rising by more than 36 percent.

Pension fund assets stood at over 6.4 billion euros at the end of 2021, 11.8 percent higher than the previous year, while investment funds grew by 20.7 percent to over 4.7 billion euros.

Brazil:

LATAM North:

LATAM South:

North America:

EURASIA:

2.- REINSURANCE UNIT AND GLOBAL RISKS

The reinsurance business closed out the year recording premiums of just under 5 billion euros (+12.7 percent), with earnings of 118 million euros, compared to just 2 million the previous year. This growth is all the more notable for having been produced in a context of significant catastrophic claims arising from the likes of storm Bernd in Europe, the net impact of which on earnings was 93 million euros.

Premiums at Global Risks rose by 2 percent to 1.3 billion euros, with earnings of 34 million euros, more than double that of the 2020 financial year.

3.- ASISTENCIA UNIT

Finally, revenues at the Assistance unit fell by 21.1 percent to 560 million euros, due to the intense restructuring that is being undertaken, including the exit from non-strategic countries. This unit did return to profitability, delivering net earnings of 0.6 million euros, compared to losses of 21 million the previous year.

DIVIDEND

The Board of Directors has agreed to propose to the Annual General Meeting a final dividend for the 2021 fiscal year of 8.5 euro cents per share, gross. Under this proposal, the dividend that the Group paid prior to the pandemic is recovered.

As such, the total dividend charged against the 2021 fiscal year amounts to 14.5 gross euro cents per share, representing a payout of 58.4 percent. Mapfre has paid a total of 416 million euros in shareholder remuneration in 2021.

The return on the average share price for 2021 was in excess of 7.6 percent.

SOCIAL COMMITMENT:

The main indicators of the Group’s social commitment are as follows: