Results
Revenue September 2018
At constant exchange rates, revenues would have grown 1.4%.
Premiums September 2018
The improvement in premiums compared to the first half of 2018, which presented a fall of 8.4 percent, is due in large part to the issuing of a collective Life policy in Spain, for 282 million euros.
Eliminating the effect of the PEMEX policy that was issued in the first half of 2017 and is not recurrent, as it is issued every two years, and the effect of the collective Life policy issued in 2018, the decrease in premiums would stand at 1.6 percent.
Non-Life premiums fell by 7.1 percent, while Life premiums grew 6.2 percent. By Non-Life business type, Automobile is the most important line, with 5.2 billion euros in premiums. General P&C holds second place, with 4.3 billion euros, and Health and Accidents is in third place with 1.1 billion euros in premiums.
At constant exchange rates, premiums would have grown by 2.2 percent; -0.7 percent in Non-Life and +12.6 percent in Life. Eliminating the effect of the PEMEX policy and the collective Life policy, premiums would have grown by +3.4 percent.
Combined ratio September 2018
Net result September 2018
Balance sheet
Balance sheet to September 2018
Total assets reached 67.9 billion euros at September 30, 2018 and grew 0.5 percent compared to the close of the previous year. The most relevant changes correspond to variations in Financial Investments, the increase in Technical Provisions and changes in Equity.
The Solvency II ratio stood at 201.7 percent at the close of June 2018, compared to 203.1 percent at the close of March 2018. This ratio maintained great solidity and stability, backed by high diversification and strict investment and ALM policies.
In September, MAPFRE closed a subordinated debt issuance amounting to 500 million euros, which was placed among over 80 investors in various countries, with an attractive coupon (4.125%).
Assets under management
Solvency II
- High quality capital base: 8.3 billion euros in Tier 1 (93% of eligible own funds)
- “Fully loaded” Solvency II ratio: ≈183% (excluding impact of transitional measures on technical provisions and equity)
Strategic Plan 2016-2018
Client orientation
Clients have always been the focal point of our efforts each and every day. Our goal in this three-year period is to generate profound insight into our clients, and to transform our processes and offering in order to address their current and future needs, as well as enhancing the client experience in all markets, and with all products.
Excellence in technical and operational management
MAPFRE is aiming to bolster those areas that have traditionally formed the basis of its insurance activities. To achieve this we will optimize each product, improving services to ensure that we are more competitive and deliver on performance and profitability targets.
Digital transformation
The objective is to improve our capacity to interact with clients, with simpler procedures that empower clients to manage their own products. We will optimize tools in order to provide more services, enhance quality and generate greater value for clients.
Culture and human talent
A culture of hard work, productivity and efficiency has always been a hallmark of MAPFRE. We will introduce new policies to nurture talent, leadership and teamwork, and to capitalize on the full potential of our personnel in strategic areas.
Relevant events
MAPFRE, participates in the financial summit, Spain Investors Day
January 2018
MAPFRE participates in the VIII edition of the international forum, Spain Investors Day. The event was held in Madrid and attended by large, listed Spanish companies, important members of the Spanish Government and international investors
MAPFRE converts its 1 billion euro syndicated credit line into a sustainable loan
February 2018
MAPFRE has converted its 1 billion euro syndicated credit line into a sustainable loan, thereby becoming the first insurance company in the world to execute a transaction of this nature, strengthening its commitment to sustainability and corporate social responsibility.
MAPFRE and Swiss Life to set up a co-investment solution for prime office locations
MAPFRE and Swiss Life have agreed to establish a real estate co-investment vehicle that will invest in prime office locations in the major French cities and will be managed by Swiss Life Asset Managers, Real estate France.
Standard & Poor’s raises MAPFRE’s rating outlook from stable to positive
March 2018
The rating agency Standard & Poor’s has raised MAPFRE’s rating Outlook from stable to positive, as a result of the expectations for improvements in business in Brazil, Spain and MAPFRE RE.
MAPFRE takes a 25% stake in La Financière Responsable
MAPFRE and the French asset management boutique, La Financière Responsable (LFR), have presented in Paris their collaboration agreement, with which MAPFRE takes a 25% stake in LFR, as part of its commitment to a policy of responsible investment.
Agreement with Puy du Fou for a theme park project in Toledo
June 2018
MAPFRE has reached an agreement with the French company Puy du Fou to become a shareholder in the project to build a theme park based on the history of Spain, in the province of Toledo.
Agreement to update the strategic alliance with Banco do Brasil
June 2018
MAPFRE and Banco Do Brasil have reached full agreement to update their strategic Alliance in the insurance business, which gave rise to BB MAPFRE, incorporated in May 2010, and which over the course of the last eight years has consolidated itself as one of the leading insurance groups in Brasil.
MAPFRE, one of the top ten insurance companies in Europe in 2017
July 2018
MAPFRE is among the 10 main insurance companies in Europe, according to the 2017 edition of the annual ranking prepared by MAPFRE’s Economic Research and published by Fundación MAPFRE.
MAPFRE, included among the most sustainable companies in the world, according to the Dow Jones Sustainability World Index
September 2018
MAPFRE is included among the 15 Spanish companies present on the Dow Jones Sustainability World Index, which monitors the performance of companies focused on sustainability and social responsibility.
Dividends and Shareholders
MAPFRE continues creating value for its shareholders
On June 14, the final dividend of 0.085 euros gross per share was paid against 2017 results. As such, the total dividend paid against results for the period reached 0.145 euros per share.
Therefore, MAPFRE paid its shareholders 447 million euros against 2017 results, which is an increase in the payout from 57.6% to 63.7%.
The Board of Directors, at its meeting in September, agreed to pay an interim dividend of 0.06 euros gross per share against 2018 results. Date of payment is December 20, 2018.
Share Performance
MAPFRE – IBEX 35 – Stoxx Insurance
Share Price evolution: January 1, 2018 – Sept 30, 2018 (base 100)
