Revenue March 2019
The Group’s consolidated revenue reached 7.7 billion euros, with an increase of 5.8 percent, mainly due to the rise in premium issuance and higher financial income. At constant exchange rates, revenue would have grown 6.4 percent.
Premiums March 2019
Premiums from direct insurance and accepted reinsurance reached 6.4 billion euros, with an increase of 3.3 percent, primarily due to positive development in countries like Spain, Mexico, Chile, Peru, Colombia and the Dominican Republic. Spain stands out with excellent growth of 7.9 percent, with solid development in Non-Life lines: Health (5.1 percent), Auto (2.6 percent), and Homeowners (4.7 percent), and above all the Life line which grew 20.4 percent.
The development of premiums is in line with the Group strategy for “profitable growth”, which aims to improve the profitability of mainly Non-Life insurance.
Non-Life premiums grew by 0.7 percent, while Life premiums grew 13.7 percent, with a 6.6 percent increase in Life-Protection in the latter. By Non-Life business type, Auto is the most important line, with almost 1.8 billion euros in premiums. General P&C holds second place, with 1.5 billion euros, and Health and Accidents is in third place with 0.8 billion euros in premiums.
At constant exchange rates, premiums would have grown by 3.9 percent; 1.0 percent in Non-Life and 15.3 percent in Life.
Combined ratio March 2019
The excellent development of the combined ratio is based on the fantastic behavior in Spain, LATAM and NORTH AMERICA, thanks to the measures implemented within the framework of the profitable growth strategy and the strict underwriting approach. MAPFRE RE’s combined ratio remains at excellent levels despite a large industrial claim in the first quarter of the year.
Net result March 2019
The attributable result reached 188.1 million euros, a rise of 0.6 percent. This result includes:
- An increase in the Non-Life technical result, with improvements in North America, Brazil, and the rest of LATAM.
- The fall in Non-Life net financial income.
- Higher results from the Life business both in Spain as well as Brazil.
MAPFRE teCuidamos clients have accumulated 1.6 million euros in savings in 2018 in gas stations and insurance policy renewals. This has been possible thanks to the agreement with close to 1,500 service stations all over the country, which offer up to a 5% discount.
MAPFRE and Santander signed an agreement by virtue of which, until December 2037, the financial entity will exclusively distribute Auto, Commercial Multirisk, SME Multirisk and Third Party Liability insurance from a new company, to which MAPFRE will contribute 82.2 million euros for control of 50.01% and Santander Seguros will be the owner of the remaining 49.99%.
The rating agency Fitch has raised MAPFRE’s insurance financial strength rating one notch from ‘A’ to ‘A+’, which translates to better ratings for five Group entities: MAPFRE ESPAÑA, MAPFRE VIDA, MAPFRE RE, MAPFRE GLOBAL RISKS and MAPFRE ASISTENCIA. Also, the rating agency has confirmed MAPFRE’s issuer rating as ‘A-’.
MAPFRE AM recently released an investment fund on the market, the main objective of which is to exploit the inefficiencies caused by the behavior of market players. It is called MAPFRE Behavioral Fund, and it is now part of the portfolio of investment products offered by the MAPFRE Group asset management company.
MAPFRE held meetings on February 25 and 26 in Barcelona and Madrid, respectively, to explain the key figures from 2018 to its non-institutional shareholders. This is the third consecutive year that MAPFRE has carried out this initiative, with the aim of developing a closer relationship with this collective.
MAPFRE launches “Valor Activo”, a single-premium Unit Linked Life-Savings insurance product with a 2-year duration, tied to the development of the Eurostoxx50 stock index.
At its Annual General Meeting, MAPFRE presented the Group’s new strategic plan for the 2019-2021 period, under the slogan “We’re transforming ourselves for growth and improved profitability”. This plan is underpinned by client orientation, excellence in technical and operational management and in human talent and culture, with transformation driving all these pillars, and focusing on the two cornerstones driving Group activity: the client and business profitability.
MAPFRE closed a strategic alliance in Mexico with the wealth management company Actinver, which allows MAPFRE to continue growing in this market. The agreement includes the exclusive sale in the Actinver channel of all the bancassurance products the insurer has in the country.