The firm stated its diversified enterprise helped to realize 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 optimistic facet, MAPFRE famous wonderful efficiency in Latin America, “spectacular evolution” of MAPFRE RE’s outcomes, and excessive progress in each property-casualty and life insurance coverage.
“Profitability, with a ROE of 8.2%, was similar to that achieved on a like-for-like basis in 2021,” MAPFRE stated.
Group income rose 8.3% in 2022 to €29.51 billion, whereas premiums grew by 10.8% to surpass €24.54 billion.
“This increase in premiums reflects a general improvement in the insurance business across nearly all regions, with significant increases in Latin America and North America, as well as in the reinsurance and large risks businesses, with almost all currencies performing favorably against the euro,” MAPFRE stated.
Read subsequent: MAPFRE reshuffles administration groups in key world markets
The firm’s mixed ratio rose 0.6 share factors to 98%, pushed by the rise in auto claims – a consequence of excessive inflation and the rise in mobility following the tip of COVID-19 restrictions.
MAPFRE’s attributable fairness on the finish of 2021 was €7.20 billion, whereas whole belongings had been €59.3 billion.
The firm’s investments whole €41.39 billion, half of which correspond to sovereign mounted revenue.
Pension fund fairness totaled €5.7 billion on the finish of 2022, whereas mutual funds grew by 2.3% to €5.53 billion.
At the tip of September 2022, the corporate’s Solvency II ratio stood at 216.8% with 84% high-quality capital (Tier 1).
“This ratio reflects a prudent approach to the balance sheet and active investment management, as well as the strong and resilient balance sheet of MAPFRE,” the corporate stated.
Have one thing to say about this story? Let us know within the feedback beneath.