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MAPFRE posts 2020 earnings outcomes

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The global insurer MAPFRE achieved an operating profit of 658 million euros (approx. 798.7 million US dollars) in 2020. The company stated that it was “heavily affected” by the COVID-19 pandemic in the first six months of the year, but achieved a solid result, generating 388 million euros in the second half of the year.

At the end of the year, the company decided to bolster its balance sheet by allocating € 132 million for the entire goodwill impairment of its operations in Italy, Turkey and Indonesia in order to adapt to the new market conditions and lay the foundation for another Profitability to create growth.

MAPFRE said the impairment had no impact on either cash positions or the solvency margin. Taking this effect into account, the profit for the period amounted to € 527 million – a decrease of 13.6% compared to the previous period.

The company’s results for 2020 were also influenced by COVID-19-related claims. In the reinsurance business alone, these claims amounted to € 80 million. Another EUR 68 million was added due to the earthquake in Puerto Rico. Excluding these losses and the goodwill impairment, profit for 2020 remained stable on a consistent basis with growth of 0.2% year over year.

Continue reading: MAPFRE shows results

The group achieved sales of EUR 25.42 billion, a decrease of 10.7%, while the premiums were EUR 20.48 billion, a decrease of 11.1% compared to 2019. MAPFRE said the falls were due to the economic impact of the COVID-19 crisis.

MAPFRE’s combined ratio improved by almost three percentage points in the 2020 financial year and closed at 94.8%. The company noted solid advances in the automotive line in all relevant countries. The attributable equity of MAPFRE amounted to EUR 8.54 billion at the end of the year and the balance sheet total to EUR 69.15 billion.

MAPFRE’s investments totaled EUR 44.89 billion, of which 52.1% was government fixed income, 18.1% was corporate fixed income and 6% was equities.

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