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Madrid 1,867 EUR 0,01 (0,38 %)

Results September 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 September 2022

In the third quarter of 2022, premiums from direct insurance and accepted reinsurance reached over 18.6 billion euros, with a 12.1 percent increase, and the attributable result stood at 488.4 million euros, which represents a 6.9 percent decrease with respect to the same period the previous year

Million euros.

Revenue September 2022

MAPFRE’s consolidated revenue in the first nine months of 2022 reached 22.2 billion euros, with a 12.2 percent improvement.

Financial income from investments surpassed 1.7 billion euros, 13.8 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 59.5 percent, primarily due to the increase in positive currency differences.

Million euros.
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Premiums September 2022

Premiums from direct insurance and accepted reinsurance reached over 18.6 billion euros, with a 12.1 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 sale of BANKIA VIDA 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 10.6 percent.

Non-Life premiums grew 12.8 percent, primarily from improved issuing in Motor, General P&C, and Health and Accident lines. Improvements in General P&C are thanks to the favorable development in Brazil and Spain, while growth in Motor is primarily due to improved business in Brazil.

Life insurance premiums grew 9.4 percent thanks to improved Life Protection business, primarily as a result of improved business in Brazil, Peru, and Mexico.

Premium growth in the reinsurance business is also noteworthy (+18%), thanks to the favorable pricing environment.

Million euros.
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Combined ratio September 2022

The Group’s combined ratio stood at 98.4 percent at the close of the third quarter, with the loss ratio up over 3 points, mainly driven by the pressure in Motor, as well as higher frequency of NatCat events. The 27 percent expense ratio, down 1.4 points, is noteworthy, supported by very strict cost control in all areas.

Net result September 2022

The accumulated attributable result in the third quarter of the year reached 488.4 million euros, falling 6.9 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 September 2022

Total consolidated assets reached over 62.6 billion euros at September 2022 and are down 2.0 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 10.3 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 219.8 percent at June 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: 210% (excluding impact of transitional measures on technical provisions and equity).

206.3%

219.8%

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

Valor para el accionista

Value for MAPFRE shareholders

October 2022

In total, MAPFRE has distributed €4.2 billion in dividends over the last 10 years, always in cash, which is equivalent to 80% of the company’s current market capitalization. This remuneration, with a payout which has ranged from 60% to over 80%, has remained steady over the last five years despite the impact of weather-related events, Covid-19, and the recent spike in inflation.

Resolución de la alianza con Unicaja

Sale to Unicaja of 50% of Caja Castilla la Mancha Vida y Pensiones

October 2022

MAPFRE has formalized the sale to UNICAJA of 50 percent of CCM VIDA Y PENSIONES. The final amount of the transaction reached 131.4 million euros, which corresponds to 110 percent of the market value of the 50 percent of the CCM VIDA Y PENSIONES shares as determined by an independent expert. The transaction generated a net benefit of 1.7 million euros for MAPFRE.

MAPFRE AM mide la huella de carbono en las carteras de inversión

MAPFRE AM measures the carbon footprint of investment portfolios

September 2022

MAPFRE AM has its own methodology for calculating carbon footprint emissions in the investment portfolios, which seeks to complement the calculations already established at the regulatory level and establishes various calculations of the carbon footprint of investments.

La alianza inmobiliaria de MAPFRE con entidades de Swiss Life Group crece con nuevos activos en Madrid y Bruselas

MAPFRE’s real estate partnership with entities of the Swiss Life Group grows with new assets in Madrid and Brussel

September 2022

MAPFRE and Swiss Life Asset Managers have boosted their real estate partnership for investing in prime European offices through the transfer of a new package of assets to the pan-European co-investment vehicle they launched in April last year.

La alianza Santander | MAPFRE supera los 150.000 clientes

The Santander | MAPFRE alliance surpasses 150,000 clients

September 2022

The company Santander|MAPFRE has surpassed, as of July 31, 2022, 150,000 clients in the different products it sells, since it began operating. The joint venture has surpassed 100,000 auto clients and 50,000 corporate clients.

MAPFRE formaliza la venta de ABDA y ABDA Assistance

MAPFRE formalizes the sale of ABDA and ABDA Assistance

August 2022

MAPFRE has formalized the sale to Warburg Pincus LLC of the entirety of its holdings in the companies ABDA and ABDA Assistance, amounting to 62.33% and 51.00%, respectively. The final consideration for this transaction has reached 62.9 million dollars, equivalent to approximately 62.8 million euros, and it has generated a result net of taxes of approximately 8.4 million euros.

MAPFRE cumple 16 años en el índice internacional de sostenibilidad FTSE4Good

MAPFRE celebrates 16 years on the FTSE4Good international sustainability index

July 2022

In 2022, MAPFRE was once again included in the Financial Times Stock Exchange (FTSE) 4Good sustainability index, where it received a score 20% above the average for all companies in the insurance sector analyzed. For the sixteenth consecutive year, MAPFRE was included in one of the leading international barometers for measuring companies’ sustainability performance.

Standard & Poor’s mantiene el rating de MAPFRE, con perspectiva estable

Standard & Poor’s maintains MAPFRE’s rating, with outlook stable

July 2022

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

Fitch confirma el rating de MAPFRE

Fitch confirms MAPFRE’s rating

July 2022

The rating agency Fitch Ratings has 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 2030, 2047 and 2048 at “BBB-”.

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.

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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.

At its meeting in October, the Board of Directors agreed to pay an interim dividend against 2022 fiscal year of 0.06 euros gross per share for all outstanding shares. The amount corresponding to treasury stock will be applied proportionately to the remaining shares. The expected payment date is November 30th.

Share Performance

MAPFRE – IBEX 35 – Stoxx Insurance

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

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