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Results June 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 June 2022

In the first half of 2022, premiums from direct insurance and accepted reinsurance reached over 12.5 billion euros, with a 7.3 percent increase, and the attributable result stood at 338 million euros, which represents a 7.3 percent decrease with respect to the same period the previous year.

Million euros.

Revenue June 2022

MAPFRE’s consolidated revenue in the first six months of 2022 reached 14.8 billion euros, with a 5.1 percent improvement.

Financial income from investments reached 1.1 billion euros, 22.2 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 19.9 percent, primarily due to the increase in positive currency differences and the improvement in income from MAPFRE ASISTENCIA.

Million euros.
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Premiums June 2022

Premiums from direct insurance and accepted reinsurance reached over 12.5 billion euros, with a 7.3 percent increase. This growth is impacted, on the one hand, by the issuing of the extraordinary multiyear policy in Mexico in June 2021 and the exit of BANKIA VIDA the same year, and on the other hand, by the positive behavior of almost all currencies against the euro in 2022.

Non-Life premiums grew 8.1 percent, primarily from improved issuing in Auto and General P&C lines, which are up 9.0 and 6.7 percent respectively at June. Improvements in General P&C is thanks to the favorable development in Brazil, Spain, and United States, while growth in Auto is primarily due to improved business in Brazil, United States and Colombia.

Life insurance premiums grew 3.8 percent supported by the Life Protection business, which grew 11.2 percent, primarily from improved business in Brazil, Mexico and Peru.

Premium growth in the reinsurance business is also noteworthy (+14%) thanks to market hardening.

Million euros.
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Combined ratio June 2022

The Group’s combined ratio stood at 98.3 percent at the close of the first half, mainly affected by a deterioration of the loss ratio driven by the pressure in Motor. It also reflects some impact from late claims reporting related to the drought that took place in Brazil and Paraguay in the first quarter of the year. The 2-point reduction in the expense ratio is noteworthy, reaching an excellent level of 27 percent thanks to very strict cost control in all areas.

Net result June 2022

The accumulated attributable result in the first half of the year reached 338 million euros, falling 7.3 percent, with strong profit contribution from core operations and outstanding renewals at MAPFRE RE. The strong reduction in Covid losses, especially in Life-Protection in Latam, has helped mitigate pressure in Auto.
Million euros.
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Balance sheet

Balance sheet to June 2022

Total consolidated assets reached nearly 63.1 billion euros at June 2022 and are down 1.3 percent compared to the close of the previous year, in large part due to the lower valuation of the investment portfolios, partially offset by business growth and currency appreciation.

The Group’s shareholders’ equity is down 9.9 percent on the year, mainly as a result of the reduction of unrealized capital gains due to 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 205.3 percent at March 2022, compared to 206.3 percent at the close of December 2021, including transitional measures. This ratio sits comfortably near the midpoint of our target range 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: 88% of eligible own funds are Tier 1.
  • “Fully loaded” Solvency II ratio: 195.3% (excluding impact of transitional measures on technical provisions and equity).
206.3%
205.3%

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 leads the Latin American market and is among the top ten in Europ

MAPFRE leads the Latin American market and is among the top ten in Europe

July 2022

As stated in the “2021 Ranking of insurance groups in Latin America”, prepared by MAPFRE Economics, MAPFRE leads the Latin American market. Likewise, MAPFRE moves up one position in the European ranking and stands in 10th place.
MAPFRE Economics foresees global economic growth of 3% this year

MAPFRE Economics foresees global economic growth of 3% this year

July 2022

The experts from MAPFRE Economics reflected on how, during the second quarter of 2022, the global economy has continued its path toward a slowdown in activity and higher rates of inflation. In the specific case of the Spanish economy, growth expectations have been cut back for 2022, from 4.2% to 4.1%, with expected growth at 2.4% for 2023.

MAPFRE is the leading Auto insurer in 40 of the 50 Spanish provinces

MAPFRE is the leading Auto insurer in 40 of the 50 Spanish provinces

June 2022

MAPFRE continues to be the unquestionable leading Group in Auto insurance in Spain, heading the ranking in 40 provinces in the country, 12 autonomous communities and in Ceuta and Melilla, reaching a market share of 20% in Auto insurance in Spain. The company insures more than 6 million vehicles in the country, with a premium volume of nearly 2.3 billion euros in this business.
Termination of the alliance with Unicaja

Termination of the alliance with Unicaja

May 2022

UNICAJA has informed MAPFRE of its decision to terminate the alliance for the production and distribution of life insurance and pension plans through the UNICAJA network from Caja Castilla la Mancha. The transaction will be closed once the necessary administrative authorizations are received.

Santander MAPFRE launches a TPL Insurance product for SMEs and entrepreneurs

Santander MAPFRE launches a TPL insurance product for SME and entrepreneurs

May 2022

Santander|MAPFRE has launched a comprehensive TPL insurance product, increasing the range of products available for SME and entrepreneur clients. Since its start, the joint venture has reached a portfolio of 167,000 policies in the Auto and Non-Life Commercial Protection lines.
Munich Re and MAPFRE launch a European office property fund

MAPFRE and Munich Re launch a European office property fund

April 2022

MAPFRE, Munich Re and MEAG have launched a new European core office property fund focused on high-quality office properties in prime locations in Europe’s top locations. The fund volume is intended to reach around €500m by 2023 and €1bn by 2025. Both insurance groups have been successfully working together for many years.
MAPFRE se une a la alianza Net-Zero

MAPFRE joins the Net-Zero alliance

April 2022

MAPFRE has adhered to the Net-Zero Insurance Alliance with the aim of reaching neutral greenhouse gas emissions by 2050, which means net zero emissions in insurance and reinsurance underwriting portfolios.

MAPFRE concluye con éxito una emisión de 500 millones de euros en títulos de deuda subordinada

MAPFRE successfully closes a 500 million euro subordinated bond issuance

April 2022

The funds deriving from this transaction will be used to further strengthen the Group’s financial flexibility, in addition to diversifying its sources of financing. It is the first Tier 3 subordinated issuance by a Spanish insurer.
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Dividends and Shareholders

MAPFRE continues creating value for its shareholders

On May 31, 2022, the final dividend of 0.0857 euros gross per share was paid, after having proportionately applied the amount corresponding to treasury stock to the remaining shares.

Share Performance

MAPFRE – IBEX 35 – Stoxx Insurance

Share price evolution: December 31, 2021 – June 30, 2022

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