Reinsurance News

MAPFRE forecasts 3% premium growth for 2021

15th March 2021 - Author: Matt Sheehan

Spanish re/insurer MAPFRE is forecasting premium growth of 3% over 2020, as well as net earnings of more than €700 million.

It is also targeting a combined ratio of 95% for the year, and a return on equity of around 8.5%.

For 2020, MAPFRE recorded an operating result of €658 million with net earnings of €527 million euros.

“In 2020, a year marked by the pandemic, we were able to very successfully meet our objective of rewarding shareholders with an excellent dividend despite the circumstances of the market and supervisory authorities, while maintaining a high solvency margin with adequate control of liquidity in all our operations,” said the chairman and CEO of MAPFRE, Antonio Huertas.

“We have a healthier balance sheet, an excellent solvency position, better- performing technical foundations and operational transformation underway, all of which should enable us to grow steadily and profitably in the coming years.”

Speaking during MAPFRE’s Annual General Meeting, Huertas noted that the development of the digital business (where premiums already amount to €1.13 billion euros, about 7% of the total) had been strengthened to support profitable growth.

He stressed that almost 700,000 clients had already benefited from solutions originating in the MAPFRE Open Innovation platform.

Huertas also referred to the sustainability plan that the Group is developing, through which the company is committing to environmental protections and sustainable development goals.

Ana Isabel Fernández Alvarez was approved for re-election as an independent board director at the Annual General Meeting. Similarly, Francisco José Marco Orenes and Fernando Mata Verdejo were approved for re-election as executive directors.

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