Reinsurance News

MAPFRE RE reports €80mn COVID hit

11th February 2021 - Author: Matt Sheehan

Spanish re/insurer MAPFRE has released its results for 2020, which include an €80 million hit to its reinsurance business from COVID-19.

MAPFRE RE incurred a further €68 million in losses due to earthquakes in Puerto Rico but still managed to achieve slight growth (0.2%) in net earnings over 2020, which amounted to €2 million.

At 2020 year-end, premiums at MAPFRE RE, which includes MAPFRE’s reinsurance and large risk businesses, stood at €5.69 billion.

This was 1.9% better than the previous fiscal year, with attributable earnings of €17 million down by 70.7% mainly due to COVID-19 claims.

The reinsurance business specifically closed out the year with premiums of €4.43 billion, which was a 2% decrease on 2019.

Conversely, Global Risks business premiums were up by 18.5% to 1.26 billion euros, with earnings of €15 million, which was 178.7% higher than the previous year.

Overall, MAPFRE’s revenues decrease by 10.7% to €25.42 billion in 2020, while premiums stood at €20.48 billion, which was 11.1% less than in 2019.

Again, the group attributed the decline in performance to the global economic situation stemming from the COVID-19 crisis, which included the depreciation of the main currencies of Latin America, Turkey and US.

However, the combined ratio improved by nearly 3 percentage points in the 2020 fiscal year, closing at 94.8 percent. Of note was the strong progress in the Automobile line in all countries.

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