Mapfre’s earnings rise by 34.5% to €364 million in the first six months of the year

Published by
The Malta Business Weekly

Mapfre’s attributable earnings for the first six months of this year were 364 million euros, which represents a growth of 34.5% over the same period of the previous year, after accounting for claims related to COVID-19 in excess of €266 million, most of which were related to the Life business (€152 million). 

“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,” highlighted Fernando Mata, Mapfre CFO and Member of the Board.

The Group’s premiums grew by 6.2% in the first six months of the year, reaching almost 11.7 billion euros. At constant exchange rates, premium growth would have exceeded 11%, after several years of canceling loss-making businesses as part of the Group’s profitable growth strategy, and accompanied by an excellent combined ratio, which has improved 1.6 percentage points compared to June 2020 to stand at 95.1%.

Group equity at the close of June 2021 was €8.5 billion and total assets were €71.1 billion.

Mapfre’s investments at the close of the first half of this year amounted to €44.6 billion. The Solvency II ratio stood at 201% in March 2021, reflecting the strength and resilience of the balance sheet and active investment management.

Insurance Unit premiums at the close of the first half of this year came to €9.71 billion (+6.8%). The result from this unit is also considered very positive despite the fact that it is being compared against a semester of intense paralysis in activity in the main economies of the Group due to the massive COVID-related confinements.

Premiums for the Eurasia Regional Area stood at €738 million (-4.9%) at the close of the first half of the year, mainly as a result of the depreciation of the Turkish lira (-25.2%). The contribution from Germany, with premiums of €223 million (+3.7%) was notable, thanks to a highly effective sales campaign and an excellent renewal ratio. Malta also performed well, contributing €210 million (+25.9%), thanks to the increase in the Life Savings business which grew by 33%. Lastly, Turkey contributed €153 million, (-15.7%).

The Malta Business Weekly

In 1994, the Malta Business Weekly became the first newspaper fully dedicated to business. Today this newspaper is a leader in business and financial news. Together with the launch of the MBW newspaper, the company started organising various business breakfasts to discuss various current issues that were targeting the business community in Malta.

Recent Posts

MFSA warns public of fraudulent companies misusing licensed entities’ details

The Malta Financial Services Authority (MFSA) has issued warnings against several fraudulent companies exploiting the…

2 days ago

Prime Minister visits Gozitan businesses which thrived after receiving support

During a visit to Gozo, Prime Minister Robert Abela toured two Gozitan businesses that have…

2 days ago

MDA calls for reform to ensure ‘fairness and accountability’ in magisterial Inquiries

The Malta Developers Association (MDA) on Saturday expressed serious concerns about the practice of implicating…

2 days ago

BOV Bugibba and Ħal Luqa branches reopen with modern upgrades

Branch in Ħaż-Żebbuġ closes for refurbishment Following weeks of intensive work, the Bugibba and Ħal…

2 days ago

Gozo’s economic growth must continue to result in common good and identity preservation, PM says

Prime Minister Robert Abela said that Gozo is an example of how economic growth must…

2 days ago

€1.6 billion to be invested in pensions and social benefits throughout 2025

€1.6 billion is set to be spent on pensions and social benefits throughout the calendar…

2 days ago