Revenue September 2019
The Group’s consolidated revenue reached 21.6 billion euros, with an increase of 6.5 percent, mainly due to the rise in premium issuing, greater financial income and revenue from non-insurance entities and other.
Premiums September 2019
Premiums from direct insurance and accepted reinsurance reached 17.6 billion euros, with an increase of 2.5 percent, primarily due to positive development in countries like Mexico, Peru and the Dominican Republic.
Non-Life premiums grew 4.1 percent, marked primarily by the effect of issuing the multi-year PEMEX policy in Mexico, which was renewed in June. Life premiums grew 0.9 percent, of which Life-Protection increased 11.3 percent primarily from the positive development of this business in Brazil (+18.6 percent), whereas Life-Savings decreased 7.1 percent, mainly from the fall of issuing in Spain and Malta, in a complicated economic environment for the sale of these products.
By Non-Life business type, Auto is the most important line, with almost 5.1 billion euros in premiums. General P&C holds second place, also with over 4.8 billion euros, and Health and Accident is in third place with 1.1 billion euros in premiums.
Combined ratio September 2019
The Group’s combined ratio improved by 1.7 percentage points and stood at 96.4% at the close of September. The excellent development of the combined ratio is based on the fantastic behavior in the insurance units, especially in LATAM and NORTH AMERICA, thanks to the measures implemented within the framework of the profitable growth strategy and the strict risk underwriting and selection approach. The combined ratios of IBERIA and the reinsurance unit remain at excellent levels.
Net result September 2019
The attributable result to September 2019 reached 463 million euros, a decrease of 12.5 percent, primarily due to the goodwill writedown and provision for business restructuring expenses at MAPFRE ASISTENCIA. Excluding this extraordinary effect, the result would have grown 2.0 percent compared to the previous year.
MAPFRE reinforces its Life-Savings insurance product offer with the launch of DIVIDENDO EUROPA, a new Unit Linked tied to the performance of a portfolio of shares with high dividend yields, listed on the European index, EuroStoxx50.
This investment by MAPFRE is within the framework of the company’s interest in progressively increasing alternative investments with potential yields for the Group, in order to gradually diversify the balance sheet in a low interest rate environment.
Abante and MAPFRE have signed a strategic alliance to create the most competitive independent platform for financial advisory services and product distribution in the Spanish market. The insurance group will take a 10 percent stake in Abante through a capital increase, and will retain the option to acquire a further 10 percent, up to a maximum of 20 percent, within a period of three years.
Fitch confirms as A+, with outlook stable, the insurer financial strength credit rating for the MAPFRE Group’s operating companies: MAPFRE ESPAÑA, MAPFRE VIDA, MAPFRE RE and MAPFRE ASISTENCIA. Similarly, the agency has reaffirmed MAPFRE’s issuer rating as ‘A-‘, with outlook stable, the same as that of the Kingdom of Spain.
MAPFRE GESTIÓN PATRIMONIAL, the MAPFRE company offering financial investment solutions for clients to capitalize their savings, has surpassed 500 million euros in assets under management in its first 30 months of operations.
The Board of Directors of MAPFRE has ratified the payment of an interim dividend against the 2019 results of 0.06 euros gross per share. This dividend will be paid out on December 23, 2019.
MAPFRE TeCuidamos, the insurer’s client loyalty plan, offers its members savings and discounts to help with day-to-day savings. Members of MAPFRE’s loyalty plan, and their families, have been able to save in their day-to-day thanks to the agreement the insurer signed almost a year ago with Cinesa, and have been able to enjoy new movie releases at a very good price.
MAPFRE’s free client loyalty plan has joined forces wtih IKEA to offer its TeCuidamos members the possibility of renovating their homes while saving on their insurance.