Madrid 2,276 EUR 0,03 (+1,16 %)
Madrid 2,276 EUR 0,03 (+1,16 %)

Results December 2022

MAPFRE wants its shareholders to have access to the information about the company – results, dividend payments, and relevant events. The Financial Newsletter provides a summary of the most important information about the Group during the period. You can also find the archive of previous newsletters, as well as fill out the form to sign up to receive the newsletter.

Results December 2022

In the fourth quarter of 2022, premiums from direct insurance and accepted reinsurance reached over 24.5 billion euros, with a 10.8 percent increase, and the attributable result stood at 642.1 million euros, which represents a 16.1 percent decrease with respect to the same period the previous year.

Million euros.

Revenue December 2022

MAPFRE’s consolidated revenue during 2022 reached 29.5 billion euros, with an 8.3 percent improvement.
Financial income from investments reached over 2.5 billion euros, 8.0 percent less than the same period the previous year. This decrease comes primarily from Spain as a result of the BANKIA VIDA exit, as well as from lower gains in Unit-Linked products.
Finally, other revenue went up 3.7 percent, primarily due to the increase of positive currency differences and the improvement of income from MAPFRE ASISTENCIA.
Million euros.
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Premiums December 2022

Premiums from direct insurance and accepted reinsurance reached over 24.5 billion euros, with a 10.8 percent increase. This growth is impacted, on the one hand, by the issuing of the extraordinary multi-year policy in Mexico in June 2021 and the sale of BANKIA VIDA in the same year, and on the other hand, by the positive behavior of almost all currencies against the euro in 2022. Eliminating these effects, underlying growth would be 8.7 percent.

Non-Life premiums grew 12.0 percent, primarily from improved issuing in Auto, General P&C, and Health and Accident lines. Improvements in General P&C are thanks to the favorable development in Brazil, the United States and Spain, while growth in Auto is primarily due to tariff increases in Brazil.

Life insurance premiums grew 6.4 percent thanks to Life Protection business, primarily from business growth in Brazil, Peru, and Mexico. Premium growth in the reinsurance and global risks business is also noteworthy (+15.1 percent), thanks to the favorable pricing environment.

Million euros.
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Combined ratio December 2022

The Group’s combined ratio stood at 98.0 percent at the close of the fourth quarter, with the loss ratio up over 2 points, mainly driven by the pressure in Motor, as well as higher frequency of NatCat events. The 27.4 percent expense ratio, down 1.9 points, is noteworthy, supported by very strict cost control in all areas with an increasing topline.

Net result December 2022

The accumulated attributable result in the fourth quarter of the year reached 642.1 million euros, falling 16.1 percent, with strong profit contribution from core operations, and better technical results in General P&C and Life Protection are helping mitigate ongoing pressure in Motor, with a solid contribution from financial income in many markets.

Million euros.
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Balance sheet

Balance sheet to December 2022

Total consolidated assets reached over 59.6 billion euros at December 2022 and are down 6.6 percent compared to the close of the previous year, in large part due to the lower valuation of investment portfolios, partially offset by business growth and currency appreciation.

The Group’s shareholders’ equity is down 13.9 percent on the year, mainly due to the reduction of unrealized capital gains from rising interest rates, which was partially offset by currency appreciation, especially the US dollar and the Brazilian real.

Million euros.

Assets Under Management

Solvency II

The Solvency II ratio for MAPFRE Group stands at 216.8 percent at September 2022, compared to 206.3 percent at the close of December 2021, including transitional measures. This ratio sits comfortably within our reference framework and is aligned with our risk appetite.

The ratio maintained great solidity and stability, backed by high levels of diversification and strict investment and ALM policies.

  • High quality capital base: 84% of eligible own funds are Tier 1.
  • “Fully loaded” Solvency II ratio: 207% (excluding impact of transitional measures on technical provisions and equity).


Billion euros.

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Strategic Plan 2022-2024

The world is in constant transformation, and we want to have a leading role in it. We’ve designed a new Strategic Plan for the 2022-2024 three-year period, a plan that also features a new philosophical framework. We’ve adapted our business vision to better fit the reality of the company that we now are.

The current complexity of the world and of the insurance business means we need to make profitable and quality products and services available to our clients. We’re underlining the very core of what we are, which is being the trusted insurer for our clients and other stakeholders.

Our values serve to guide us in everything we do; they’ve been the hallmark of our group since our foundation.

  • Our solvency, both from a financial and resource point of view, so as to be able to respond to all our commitments and strategies.
  • Integrity, building business relationships on fairness and transparency, and zero tolerance for any practice not compatible with full respect for human rights, equality and effective inclusion.
  • The desire to offer an excellent service guides all our activity in satisfying customer expectations.
  • Innovation is the lever to differentiate ourselves; it helps us develop the most appropriate solutions.

Our purpose is to be by your side, accompanying you so that you can take assured steps forward, helping to build a more sustainable and caring society. In short, at MAPFRE we care about what matters to you.

The pillars on which the new Strategic Plan 2022-2024 is based are: sustainable, balanced and profitable disciplined growth; improvement of internal efficiency and greater momentum in the transformation already underway.

3 Pillars

Relevant events

MAPFRE, en el Índice Bloomberg de Igualdad de Género 2023

MAPFRE, in the 2023 Bloomberg Gender-Equality Index

January 2023

For the third consecutive year, MAPFRE is one of the companies that form part of the 2023 Bloomberg Gender-Equality Index (GEI), which recognizes companies around the world that stand out for their promotion of equality and their transparency in providing gender-related information.
MAPFRE lanza MAWDY, la nueva marca de su división de Asistencia

MAPFRE launches MAWDY, the new brand for its Assistance division

January 2023

MAPFRE’s Assistance division begins a new era in 2023, with a more digital focus and a geographical reorientation, and does so with the launch of a new brand that will give its name to the unit: MAWDY.
MAPFRE Economics prevé que España crezca un 1% en 2023

MAPFRE Economics forecasts Spain will grow by 1% in 2023

January 2023

MAPFRE Economics, MAPFRE’s research arm, expects global growth to slow in 2023, to 2%, seven tenths of a percentage point lower than the forecast in October of last year. Spain will be one of the few developed economies to be spared a recession, despite the expected contraction in the first quarter.

MAPFRE se une a la Net Zero Asset Owner Alliance

MAPFRE joins the Net Zero Asset Owner Alliance

January 2023

MAPFRE has signed on to the UN-convened Net Zero Asset Owner Alliance with the aim of transitioning its investment portfolios to net Zero Greenhouse Gas (GHG) emissions and becoming a Net Zero (NZ) company by 2050. 

MAPFRE RE amplía capital en 250 millones de euros para impulsar su crecimiento

MAPFRE RE increases capital by 250 million euros to boost growth

December 2022

The purpose of this transaction is to reinforce MAPFRE RE’s balance sheet so it will be able to offer greater reinsurance capacity to its clients in the market, while also giving it greater flexibility to structure its own reinsurance protections, thereby optimizing underwriting risk at a time when rising demand for coverage is driving tariffs upward.

MAPFRE consolida su liderazgo en seguros rurales en Brasil

MAPFRE consolidates its leadership in rural insurance in Brazil

November 2022

MAPFRE celebrates a milestone in its history of more than 30 years of operations in Brazil. The company has exceeded 1 billion reais (€182 million approx.).

MAPFRE presenta su simulador de ahorro e inversión

MAPFRE presents its savings and investment simulation tool

November 2022

This financial planning tool, now available on the company’s website and in its branches, lets users obtain a personalized savings plan, adapted to their priorities and economic situation. The new tool emphasizes MAPFRE’s focus on innovation and digitalization, as well as its interest in promoting financial education.

MAPFRE reduce más de 1 millón de toneladas de carbono en su cartera de inversión entre 2019 y 2021

MAPFRE cuts over 1 million tons of carbon from its investment portfolio between 2019 and 2021

October 2022

The measurement, carried out following a methodology developed in-house by MAPFRE AM, allows the group to study new assets to assess the risks associated with climate change in the Group’s investments. With this milestone, MAPFRE makes progress toward its objective of reducing emissions in its investment portfolio by 10% by 2024.

MAPFRE y MEAG transfieren los primeros activos a su alianza inmobiliaria

MAPFRE and MEAG transfer the first assets to their real estate alliance

October 2022

MAPFRE and MEAG, the asset manager of Munich Re Group, have taken their new European core office property fund launched in April 2022 to the next level. Both insurance groups have contributed the first assets to the Luxemburgish alternative investment fund, which has made its first acquisitions with four properties located in Germany and Spain.

Dividends and Shareholders

MAPFRE continues creating value for its shareholders

On November 30, 2022, the interim dividend of 0.0604 euros gross per share against 2022 fiscal year was paid, after having proportionately applied the amount corresponding to treasury stock to the remaining shares.

The final dividend against 2022 fiscal year proposed to the Annual General Meeting is 0.085 euros gross per share. As such, the total dividend paid against the results for 2022 fiscal year reaches 0.145 euros gross per share, which implies a payout of 69.5 percent.

Share Performance

MAPFRE – IBEX 35 – Stoxx Insurance

Share price evolution: December 31, 2021 – December 31, 2022

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