Revenue December 2018
The Group’s consolidated revenue reached 26.6 billion euros, with a reduction of 5 percent, mainly due to the depreciation of the main currencies in the countries where MAPFRE operates, and the fall in financial yields.
At constant exchange rates, revenue would have grown 0.8 percent.
Premiums December 2018
Premiums from direct insurance and accepted reinsurance reached 22.5 billion euros, with a reduction of 4 percent, primarily due to the effect of currency depreciation and a discreet development of premium issuing in the following countries: Brazil, United States, Turkey, Colombia, Chile and Argentina.
Issuing in Spain includes a group Life policy for the amount of 282 million euros.
Eliminating the effect of the PEMEX policy that was issued in the first half of 2017 and is not recurrent as it is issued every two years, and the effect of the group Life policy issued in 2018, the decrease in premiums would stand at 3.2 percent.
Non-Life premiums fell by 6 percent, while Life premiums grew 2.8 percent. By Non-Life business type, Automobile is the most important line, with 6.9 billion euros in premiums. General P&C holds second place, with 5.6 billion euros, and Health and Accidents is in third place with 1.3 billion euros.
At constant exchange rates, premiums would have grown 2.1 percent – 0.2 percent in Non-Life and 8.5 percent in Life. Eliminating the effect of the PEMEX policy and the group Life policy, premiums would have grown 3 percent.
Combined ratio December 2018
The improvement in the combined ratio is based on an excellent loss experience in Spain, as well as the improvement in the GLOBAL RISKS and North America business units, which were very affected last year by claims with a high level of intensity. MAPFRE RE performed in line with expectations, despite the impact of Typhoon Jebi.
Net result December 2018
The attributable result reached 528.9 million euros, a reduction of 24.5 percent. This result includes:
- An extraordinary goodwill writedown of 173.5 million euros
- The cost of certain catastrophic events that have impacted MAPFRE RE
- The fall in net financial income
- The costs coming from the reorganization in the US and the writedown of tax receivables in Global Risks
- The restatement for hyperinflation in Argentina
- The depreciation of currencies where MAPFRE operates.
MAPFRE participates in the VIII edition of the international financial summit Spain Investors Day. The event was held in Madrid and attended by large, listed Spanish companies, important members of the Spanish Government and international investors.
MAPFRE has converted its 1 billion euro syndicated credit line into a sustainable loan, thereby becoming the first insurance company in the world to execute a transaction of this nature, strengthening its commitment to sustainability and corporate social responsibility.
MAPFRE and Swiss Life have agreed to establish a real estate co-investment vehicle that will invest in prime office locations of the main French cities, and will be managed by Swiss Life Asset Managers, Real Estate France.
The rating agency Standard & Poor’s has raised MAPFRE’s rating outlook from stable to positive, as a result of the expectations for improvements in business in Brazil, Spain and MAPFRE RE.
MAPFRE and the French asset management boutique, La Financière Responsable (LFR), have presented in Paris their collaboration agreement, with which MAPFRE takes a 25% stake in LFR, as part of its commitment to a policy of responsible investment.
MAPFRE has reached an agreement with the French company Puy du Fou to become a shareholder in the project to build a theme park based on the history of Spain, in the province of Toledo.
MAPFRE and Banco Do Brasil have reached full agreement to update their strategic alliance in the insurance business, which gave rise to BB MAPFRE, incorporated in May 2010, and which over the course of the last eight years has consolidated itself as one of the leading insurance groups in Brazil.
MAPFRE is among the 10 main insurance companies in Europe, according to the 2017 edition of the annual ranking prepared by MAPFRE’s Economic Research and published by Fundación MAPFRE.
MAPFRE is included among the 15 Spanish companies present on the Dow Jones Sustainability World Index, which monitors the performance of companies focused on sustainability and social responsibility.
MAPFRE and Amazon signed the first alliance in Spain between an insurance company and the e-commerce multinational. The agreement could be extended to the rest of the international markets where MAPFRE is present.
MAPFRE unveiled insur_space, its new insurtech startup accelerator, which has been created with the aim of developing new solutions to meet the needs of the different types of clients.
MAPFRE and Bankia have reached an agreement to reorganize their bancassurance alliance. MAPFRE VIDA will acquire 51% of Caja Granada Vida and Caja Murcia Vida y Pensiones, for 110 million euros.