Results March 2021
MAPFRE’s consolidated revenue in the first quarter of 2021 amounted to 7.3 billion euros, equivalent to a 0.4 percent decrease, and the attributable result stood at 173 million euros, which represents a 36.7 percent increase with respect to the previous year.
Revenue March 2021
Premiums March 2021
Non-Life premiums went down 2.6 percent, marked primarily by lower issuing in the Auto line, which fell 10.5 percent, primarily as a result of lower issuing in the United States, Italy, Turkey and Mexico. At constant exchange rates, Non-Life premiums would have grown 3.5%. It is important to point out the growth in the General P&C and Health businesses, which went up 6.6 and 4.0 percent in the quarter, respectively, thanks to positive development in Mexico, Spain, Colombia, and Brazil in General P&C, and in Spain and Mexico in Health & Accident.
By Non-Life business type, General P&C is the most important line, with over 1.6 billion euros in premiums. Auto holds second place, with almost 1.4 billion euros. Health and Accident is in third place with 907 million euros.
Life insurance premiums fell 6.2 percent, whereas at constant exchange rates they would have grown 1.7%. Of these, Life-Protection fell 15.1 percent, primarily from the currency effect in Brazil. Life-Savings premiums fell 8.3 percent, primarily from the fall in issuing in Mexico, Panama and Spain, in a complicated economic environment for the sale of these products.
Combined ratio March 2021
Net result March 2021
Balance sheet to March 2021
Total assets reached almost 70.0 billion euros at March 2021 and grew 1.2 percent compared to the close of the previous year.
The Group’s shareholders’ equity has been primarily impacted by a decrease in net unrealized gains on the available for sale portfolio, as a result of the increase in interest rates in the first quarter of the year.
Assets Under Management
The Solvency II ratio for MAPFRE Group stood at 192.9 percent with provisional figures at December 2020, compared to 186.8 percent at the close of December 2019, including transitional measures. These figures already reflect the impact of the application of Spanish Life business internal model for longevity risk, approved by local regulator April 2021, which imply a 6 p.p. uplift in the Solvency II ratio. Eligible Own Funds reached 8.9 billion euros in the same period.
The ratio maintained great solidity and stability, backed by high levels of diversification and strict investment and ALM policies.
- High quality capital base: 86% of eligible own funds are Tier 1.
- “Fully loaded” Solvency II ratio: 178.4% (excluding impact of transitional measures on technical provisions and equity).
Strategic Plan 2019-2021
Based on the transformation we need as a company, we are articulating our strategy around three pillars: client orientation, excellence in technical and operational management and culture and talent. The transformation will be present in everything that we do, it will be transversal and it will act as an authentic accelerator across the entire organization.
We are 100-percent client-oriented, and place the client at the center of everything we do so that we can continue to be your trusted insurance company. With the client orientation pillar, we are working to understand your needs and offer you value propositions that are innovative and tailored to each client profile.
Excellence in technical and operational management
We consider excellence in technical and operational management to be a fundamental goal, and key to achieving adequate profitability in the market.
Culture and talent
We believe that it is essential to be able to count on the people and culture of MAPFRE as the bedrock of our whole business. Our people’s effort and commitment drives transformation and helps us to anticipate change by leveraging progress in the digital age. Equal opportunities, diversity and labor inclusion are the transversal principles at the center of our strategy.
MAPFRE will sell SANTANDER products in the insurer’s 3,000 points of sale
Iberdrola and MAPFRE join forces in a strategic alliance to invest in renewable energy in Spain
MAPFRE holds its first Management Insights Day
MAPFRE holds its Annual General Meeting
MAPFRE holds its second virtual meeting with shareholders
MAPFRE launches the Unit Linked Colectivo Compromiso
S&P recognizes MAPFRE as a leader in sustainability
MAPFRE has once again been named one of the world’s leading companies in the area of sustainability by being included, for the second year running, in the Sustainability Yearbook 2021 — a prestigious annual publication by S&P Global that ranks the most socially responsible companies.
MAPFRE included in 2021 Bloomberg Gender-Equality Index
The 2021 Bloomberg Gender-Equality Index brings transparency to gender-related practices and policies at publicly listed companies increasing the disclosure of environmental, social and governance (ESG) data available to investors.
MAPFRE raises its stake in Abante to 20 percent
Abante and MAPFRE strengthened their strategic alliance to further advance the creation of the most competitive independent platform for financial advice and product distribution in the Spanish market.
MAPFRE and Abante raise 300 million for its infrastructure fund on the back of strong investor interest
MAPFRE and Abante have closed its first vehicle to invest in infrastructure with 300 million euros just three months after the fundraising began, 50 percent more than the 200 million initially envisaged.
MAPFRE launches Programa Horizonte Inversión, an actively managed Unit Linked savings insurance product
MAPFRE has developed Programa Horizonte Inversión, a product composed of various fund portfolios, which adapts to the risk profile of each client, as well as the time horizon for which they are planning and maintaining their savings.
MAPFRE, number seven in the ranking of most responsible companies and best corporate governance in Spain
MAPFRE is seventh on the list of most responsible companies and best corporate governance in Spain, according to Merco. Additionally, the company continues to lead the ranking as the most valued insurance company in this study.
Dividends and Shareholders
MAPFRE continues creating value for its shareholders
The Annual General Meeting held on March 12, 2021, agreed to pay a final dividend of 0.075 euros gross per share. This final dividend will be paid on May 24, 2021.
As such, along with the interim dividend paid this past December of 0.05 euros gross per share, the total dividend against results reaches 0.125 euros gross per share, which implies a payout ratio of 73.1 percent.
MAPFRE – IBEX 35 – Stoxx Insurance
Share price evolution: December 31, 2010 – March 31, 2021