The corporate mentioned its diversified enterprise helped to attain a sustainable end result, offsetting a lot of the 12 months’s adverse results: excessive inflation in most markets, a rise in claims ranges within the auto enterprise, and catastrophic claims – particularly these ensuing from the drought in South America’s Paraná river basin, which exceeded €12 million.
On the constructive facet, MAPFRE famous wonderful efficiency in Latin America, “spectacular evolution” of MAPFRE RE’s outcomes, and excessive development in each property-casualty and life insurance coverage.
“Profitability, with a ROE of 8.2%, was much like that achieved on a like-for-like foundation in 2021,” MAPFRE mentioned.
Group income rose 8.3% in 2022 to €29.51 billion, whereas premiums grew by 10.8% to surpass €24.54 billion.
“This enhance in premiums displays a normal enchancment within the insurance coverage enterprise throughout practically all areas, with important will increase in Latin America and North America, in addition to within the reinsurance and enormous dangers companies, with nearly all currencies performing favorably in opposition to the euro,” MAPFRE mentioned.
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The corporate’s mixed ratio rose 0.6 proportion factors to 98%, pushed by the rise in auto claims – a consequence of excessive inflation and the rise in mobility following the top of COVID-19 restrictions.
MAPFRE’s attributable fairness on the finish of 2021 was €7.20 billion, whereas complete property have been €59.3 billion.
The corporate’s investments complete €41.39 billion, half of which correspond to sovereign mounted earnings.
Pension fund fairness totaled €5.7 billion on the finish of 2022, whereas mutual funds grew by 2.3% to €5.53 billion.
On the finish of September 2022, the corporate’s Solvency II ratio stood at 216.8% with 84% high-quality capital (Tier 1).
“This ratio displays a prudent strategy to the stability sheet and energetic funding administration, in addition to the robust and resilient stability sheet of MAPFRE,” the corporate mentioned.
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