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Results September 2021

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

MAPFRE’s consolidated revenue in the first nine months of 2021 amounted to 19.8 billion euros, equivalent to a 3.8 percent increase, and the attributable result stood at 524 million euros, which represents a 16.4 percent rise with respect to the same period of the previous year.

Million euros.

Revenue September 2021

The Group’s consolidated revenue in the first nine months of 2021 reached 19.8 billion euros, with an increase of 3.8 percent, mainly due to the issuing of a multi-year policy in Mexico in June for the amount of 563 million dollars (473 million euros), the favorable development of reinsurance business which grew 14.5 percent, as well as the positive commercial performance of Unit-Linked Life products and some relevant group policies in Spain. At constant exchange rates, revenue would have grown 6.8 percent.
Million euros.
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Premiums September 2021

Premiums from direct insurance and accepted reinsurance reached over 16.6 billion euros, with a 7 percent increase, primarily due to the previously mentioned policy in Mexico which provides a larger premium volume and compensates the reduction caused by the fall in exchange rates to the same degree. At constant exchange rates, premiums would have grown 10.3 percent.

Non-Life premiums grew 6.8 percent, primarily from improved issuing in the General P&C and Health lines, which at September went up 19.7 percent and 5.7 percent, respectively, thanks to the positive performance of General P&C in Brazil, Spain, Mexico and Colombia, and of Health and Accident in Spain and Mexico. On the other hand, lower issuing in the Auto line (-4.8 percent) comes primarily from the United States, Italy and Turkey.

By Non-Life business type, General P&C is the most important line, with over 5.1 billion euros in premiums. Auto holds second place, with over 4.0 billion euros. Health and Accident is in third place with over 1.3 billion euros.

Life insurance premiums grew 7.4 percent thanks to improved Life-Savings business, which was supported by higher sales of Unit-Linked products, as well as some relevant group policies in Spain.

Million euros.
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Combined ratio September 2021

The Group’s combined ratio stood at 96.5 percent at the close of September, impacted by the normalization of mobility and the restructuring that is being carried out in IBERIA. Excluding the impact of the provision for early retirement in IBERIA, the combined ratio would have been closer to 95.8% and the expense ratio would have improved thanks to the strict implementation of our cost contention plan.

Net result September 2021

The accumulated attributable result to September 2021 reached 524 million euros, rising 16.4 percent, with IBERIA and MAPFRE RE being the largest contributors to the Group’s results.

Million euros.
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Balance sheet

Balance sheet to September 2021

Total assets reached over 70.8 billion euros at September 2021 and grew 2.4 percent compared to the close of the previous year.

The Group’s shareholders’ equity has remained relatively stable on the year, and reflects a decrease in net unrealized gains on the available for sale portfolio, while conversion differences had a positive impact during the year, mainly due to the appreciation of the US dollar and the stability of the Brazilian real.

Million euros.

Assets Under Management

Solvency II

The Solvency II ratio for MAPFRE Group stood at 194.5 percent with figures at June 2021, compared to 192.9 percent at the close of December 2020, including transitional measures. This ratio sits comfortably near the midpoint of our 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: 87% of eligible own funds are Tier 1.
  • “Fully loaded” Solvency II ratio: 181.6% (excluding impact of transitional measures on technical provisions and equity).

192.9%

194.5%

Billion euros.

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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.

Client orientation

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.
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Relevant events

MAPFRE, entre las 10 empresas del Ibex que ofrecen información de mejor calidad a sus accionistas

MAPFRE, in the top 10 Ibex Companies providing shareholders with the highest quality information

October 2021

MAPFRE is the ninth Ibex 35 company in terms of the quality of information it offers its shareholders and stakeholders, according to the Reporta report, which analyzes different variables like the degree of transparency, commitment, relevance and accessibility of annual reports.
MAPFRE celebra su tercer encuentro virtual con accionistas

MAPFRE holds its third virtual shareholder event

October 2021

In the last four years, MAPFRE has held more than ten meetings and events with non-institutional shareholders, both in virtual format and in person. On this occasion, in addition to going over the Group results, the sustainable investment strategy was discussed.
MAPFRE, entre las tres empresas del Ibex con mejor rentabilidad por dividendo este año

MAPFRE, among top three Ibex companies in dividend yield this year

September 2021

Of the 35 companies included on the Ibex 35, MAPFRE comes in second place in the ranking prepared by El Economista of 2021 expected dividend yield.

Santander|MAPFRE lanza “Gama ECO”

Santander|MAPFRE launches “Gama ECO”

September 2021

Santander|MAPFRE has launched the auto insurance product “Gama ECO”, a new line of policies specifically designed for electric and plug-in hybrid cars, with the aim of covering the insurance needs of Banco Santander clients who choose this kind of car.

MAPFRE lanza un plan de remuneración en acciones para empleados

MAPFRE launches a stock option plan for employee

September 2021

MAPFRE has launched a stock option plan for employees in Spain, to increase their ties to the company’s strategy and future benefits.
MAPFRE lanza “Multifondos Compromiso ESG

MAPFRE launches “Multifondos Compromiso ESG”

September 2021

MAPFRE expands its product line focused on medium and long-term investments with the launch of “Multifondos Compromiso ESG”. This new product comprises a selection of the best national and international funds with ESG criteria.
MAPFRE USA y AAA Washington crean una empresa conjunta para comercializar seguros

MAPFRE Insurance and AAA Washington form jointly-owned insurance company

August 2021

MAPFRE Insurance and AAA Washington – an affiliate of AAA, the most important emergency road service organization in the United States – entered into an agreement to form a jointly-owned insurance company to underwrite automobile and homeowners insurance in Washington and Northern Idaho.
MAPFRE lanza un plan de remuneración en acciones para empleados

Fitch confirms MAPFRE’s issuer rating

July 2021

The rating agency Fitch Ratings confirmed MAPFRE’s issuer rating at “A-” with the outlook “stable”, as well as that of its senior debt maturing in 2026 at “BBB+” and that of its subordinated debt maturing in 2047 and 2048 at “BBB-”.
S&P’s destaca la fortaleza del modelo de negocio y la posición financiera de MAPFRE

Standard & Poor’s maintains MAPFRE’s ratings with a stable outlook

July 2021

The credit rating agency Standard & Poor’s published its decision to maintain MAPFRE’s issuer credit rating at “A-” with a stable outlook, that of its senior debt at “A-” and that of its subordinated debt in “BBB”.

El índice FTSE4Good mejora la puntuación de MAPFRE en el ámbito de compromiso social y gobierno corporativo

MAPFRE score in FTSE4Good index improves for social commitment and corporate governance

July 2021

In 2021, MAPFRE has been included for the fifteenth consecutive year in the Financial Times and Stock Exchange (FTSE) 4Good sustainability index, and the company scored 0.7 points higher than the average of all companies in the insurance industry.
MAPFRE Economics actualiza sus previsiones económicas

MAPFRE Economics updates its economic expectations

July 2021

MAPFRE Economics maintains growth expectations for the Spanish economy in 2021 at 6 percent but raises them 1 percentage point for 2022. Additionally, it has updated its forecasts for the world economy, maintaining expectations for this year and the next unchanged, with growth rates of 6 and 4.4 percent, respectively, in the base scenario.
MAPFRE lanza Activo Multifondos II, un nuevo seguro de ahorro individual

MAPFRE launches “Activo Multifondos II”, a new individual savings product

July 2021

MAPFRE has launched “Activo Multifondos II”, a unit linked Insurance product that is totally flexible and can be taken out as single or regular premium, and that always guarantees 80 percent of the maximum value reached.

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Dividends and Shareholders

MAPFRE continues creating value for its shareholders

At its meeting in October, the Board of Directors agreed to pay an interim dividend against 2021 results of 0.0606 euros gross per share for all outstanding shares, after having applied the amount corresponding to treasury stock proportionately to the remaining shares. The expected payment date is November 30, 2021.

On May 24, 2021, the final dividend of 0.0757 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, 2020 – September 30, 2021