CORPORATE | 08.19.2022
MAPFRE RE obtains the green light to convert its Beijing office into a subsidiary branch
MAPFRE RE has obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the opening of a subsidiary office in the country’s capital, Beijing. Until now, the MAPFRE Group’s reinsurer was present in mainland China through a representative office.
This new configuration will allow MAPFRE RE to increase its business operations in China, a country in which it has been operating since the 1980s. The subsidiary will initially have an operating capital of 500 million yuan (72.5 million euros) and will be led by Ignacio Rodríguez Arteche.
The reinforcement of MAPFRE RE’s China business is part of a growth process that the reinsurance company has been carrying out in Asia in recent years, where, in addition to China, it has offices in Japan, the Philippines, Singapore and Malaysia.
MAPFRE RE is a global reinsurer and the reinsurance unit of the MAPFRE Group. MAPFRE RE offers reinsurance services and capacity, providing all kinds of treaty and facultative reinsurance solutions, in all Life and Non-Life branches. It had premiums of 6,275 million euros in 2021, with a net attributable profit of 152 million euros.
MAPFRE is a global insurer. The benchmark insurer in the Spanish market, it is the largest insurer in Latin America and is in sixth place among the largest in Europe in Non-Life by volume of premiums. MAPFRE has nearly 32,500 employees and, in 2021, its revenues were close to 27,300 million euros and net profit stood at 765 million euros.