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Mapfre’s combined ratio falls to 95.1% in H1

27th July 2021 - Author: Katie Baker

Spanish re/insurer Mapfre has released its H1 2021 results, showing an improved combined ratio of 1.6 points to stand at 95.1%, compared to 96.7% from the year prior.

The group’s premiums grew by 6.2% in the first six months of the year, reaching almost €11.7 billion.

It also announced its earnings have risen by 34.5% to 364 million euros in the first six months of the year.

Spain remains the group’s driving force, with premium growth of 7% and earnings of €204 million.

Despite the great difficulties being experienced in the region, practically all Latin American countries closed the first six months with a positive result.

RMS

At constant exchange rates, premium growth would have exceeded 11%, after several years of cancelling loss-making businesses as part of the group’s profitable growth strategy.

Fernando Mata, MAPFRE CFO and Member of the Board commented: “These results demonstrate the Group’s strength and its ability to adapt to changing environments such as the one we’re facing at present.

“This is made possible thanks to the strength of our diversified business model, a leading position in the main markets, as well as solid capital strength, enabling us to face the future with optimism.”

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