CORPORATE|07.15.2024
MAPFRE places sixth in the ranking of European insurance companies
- The insurance group climbs three places in the ranking prepared by MAPFRE Economics based on data from the new accounting standard.
- The income of the 15 main European insurance groups saw growth of 5.5% in 2023, to 468.8 billion euros.
- In Life, MAPFRE recorded the highest growth (21%) of the insurance groups analyzed in the report.
MAPFRE ranks among the 15 main insurance companies in Europe, according to the latest edition of the annual ranking prepared by MAPFRE Economics, MAPFRE’s Research service. The company has climbed three places to sixth position in the total business ranking, the same place when looking exclusively at the Non-Life business.
This improvement can be attributed, in part, to the strong performance of the business in 2023, since, together with the Vienna Group, Generali and Talanx, it was the insurance company that saw the biggest increase in insurance revenue. It can also be attributed to the effect of the new accounting standard. This is the first time that MAPFRE Economics has prepared this ranking under the IFRS regulations, which came into effect on January 1, 2023, in which insurance revenue is the new heading that appears in the income statement, in place of gross written premiums. The income of the 15 main European insurance groups saw growth of 5.5% in 2023, to 468.8 billion euros.
In the specific case of Non-Life, the 15 groups included in the ranking earned 344.9 billion euros of insurance revenue in 2023, up 7.3% year on year (based on 2022 data re-stated in line with IFRS 17).
And in Life, the 15 largest insurance companies recorded growth of 2.2% in insurance revenue in 2023, up to 154.2 billion euros.
The growth seen by MAPFRE is worth particular note (the highest rate in the sample analyzed), up by 21.1% year on year, taking it to 4.3 billion euros and 13th place.