The MAPFRE Group has moved into 9th place in its 2022 rankings of Europe’s largest insurance groups, after its premiums increased by 10.8% to reach €24.540 billion, despite the complex macroeconomic and geopolitical context.
According to MAPFRE, “This increase reflects a generalized improvement for the insurance industry in practically all regions where it operates, with significant increases seen in Latin America and North America, as well as in the reinsurer and large risks lines of business. It also reflects the favourable performance of almost all currencies compared to the euro.”
MAPFRE explained that this new edition of the rankings maintains, as in previous versions, global premium volume as a criterion for analysis, also examining the Life and Non-Life lines of business over a time horizon of the past 10 years.
The firm noted that the overall performance of the insurance industry in Europe was positive, despite the existence of a challenging environment.
Premium income increased by 7.7% in 2022 for the top 15 European insurance groups included in the ranking.
Total premium income for those groups reached €618.712 billion, with double-digit increases seen in the case of France’s Aéma Groupe (46.2%), which initiated its operations in 2021 following changes in the consolidation scope after the Abeille Assurances subgroup had been included for a complete year, Zurich (18.6%), Talanx (17.4%), Covéa (14.8%), CNP (13.7%), and MAPFRE (10.8%).
Meanwhile, the firm said that the Life segment was negatively affected by the impact of the war in Ukraine and high levels of volatility in the financial markets, among other factors.
In Life, the 15 largest insurance groups recorded a slight decrease of -0.1% in their premium income, while a 13.4% increase was seen in the Non-Life segment.
As per MAPFRE, the 15 groups included in the Non-Life ranking reported €350.471 billion in premium income, representing a 13.4% increase compared to the previous year.
For 2022, the MAPFRE Group remained in 6th place in the European Non-Life ranking, with €19.342 billion in premium volume, representing a year-on-year increase of 12.0%.
