Revenue September 2018
The Group’s consolidated revenue reached 20.3 billion euros, with a reduction of 4.7 percent, mainly due to the depreciation of the main currencies in the countries where MAPFRE operates, and the fall in financial returns.
At constant exchange rates, revenues would have grown 1.4%.
Premiums September 2018
Premiums from direct insurance and accepted reinsurance reached 17.2 billion euros, with a reduction of 4.3 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.
The improvement in premiums compared to the first half of 2018, which presented a fall of 8.4 percent, is due in large part to the issuing of a collective Life policy in Spain, for 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 collective Life policy issued in 2018, the decrease in premiums would stand at 1.6 percent.
Non-Life premiums fell by 7.1 percent, while Life premiums grew 6.2 percent. By Non-Life business type, Automobile is the most important line, with 5.2 billion euros in premiums. General P&C holds second place, with 4.3 billion euros, and Health and Accidents is in third place with 1.1 billion euros in premiums.
At constant exchange rates, premiums would have grown by 2.2 percent; -0.7 percent in Non-Life and +12.6 percent in Life. Eliminating the effect of the PEMEX policy and the collective Life policy, premiums would have grown by +3.4 percent.
Combined ratio September 2018
The improvement in the combined ratio is based on an excellent loss experience in Spain, LATAM NORTH and LATAM SOUTH, as well as improved loss experience in the GLOBAL RISKS business unit, which was 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. This favorable performance offsets the impact of the storms that hit the US East coast in the first quarter of the year.
Net result Septiembre 2018
The attributable result to September 2018 reached 528.8 million euros, increasing by 18.9 percent. This improvement is primarily due to a lower impact from catastrophic events. In 2017, the earthquakes in Mexico and hurricanes in the Caribbean had a net impact of 176 million euros, while in 2018 the snowstorms in the United States and the typhoon in Asia (Jebi) have had an impact on the result of 58 million euros.
MAPFRE participates in the VIII edition of the international forum, 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 in the major 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 Brasil.
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.