mapfreq it closes a great year and starts a new year with important expectations. Premiums increased by 24% in January, and equity increased by over €250 million, reducing the debt ratio from 26% to 25.2% in a single month.
“In 2022, at the gates of a turnover of 30,000 million euros, we reached the highest income in our history”. With these words, Mapfre’s chairman, Antonio Huertas, summarized the company’s results, which were approved at this Friday’s General Shareholders Meeting in Madrid. He underlined that in a very unfavorable international economic context, Mapfre managed to close a “very solid year” thanks to “geographical, product and balance diversity”, among other factors.
Confirmed 2022 accounts, the benefit is 642 million euros and revenue rose 8.3% to €29,510 millionCelebrating its 90-year history in 2023, it is the highest record in the company’s historical series.
The Shareholders’ Meeting also agreed on the distribution of stocks. Gross total dividend of 0.145 Euro per share, In line with the pre-pandemic levels Mapfre had recovered in the previous year. Mapfre allocated a total of 447 million euros to shareholders in 2022; this remains one of the highest fees on the Spanish stock market, in the words of the company president.
Antonio Huertas also suggested that the average premium growth in 2023 and 2024 will be between 5% and 6%, while the average growth in the current 2022-2024 strategic plan will be above 7% after this first year’s growth11%. The average combined rate will be around 96% this year and next year. A return on equity target (average ROE) of 9% to 10% is maintained for these two years.
The head of Mapfre stressed the company will work for the next two years to keep the solvency margin at around 200%, HE pay It is over 50% and the debt ratio is between 23% and 25%.
Regarding the behavior of value in the stock marketHuertas underlined that last year the price increased by 0.2%, while the Ibex 35 fell by 5.5%..
Appointments
Two new directors were also appointed at the Shareholders’ Meeting, Francesco Paolo Vanni D’Archirafi as an independent and Elena Sanz Isla as a director. They were also re-elected directors José Manuel Inchausti Pérez, Antonio Miguel-Romero de Olano and Antonio Gómez Ciria and the appointment confirmed and the re-election of María Amparo Jiménez Urgal confirmed.
strategic plan
Mapfre president emphasized that sustainable, balanced and profitable growth, improving internal efficiency and promoting transformation are the axes of the strategic plan. Huertas assured him that he was very satisfied with the progress achieved in terms of productivity and highlighted, as a key element, the reduction of overheads and acquisitions of the company by almost two percent. And also noted internal expenses grew less than the premium earned.
in his speech, Huertas concluded that “business development has been very positive and we have a healthy balance sheet and an excellent solvency position.”.
social responsibility
Mapfre has endorsed its social goals of reducing the gender pay gap of 1.86% by 2022, and its managers’ confidence will be virtually nonexistent in 2024. and employing people with disabilities until they represent 3.5% of the workforce, this rate has already reached in 2022. The company also aims to make at least 90% of its investment portfolio qualified within the scope of ESG criteria for the three-year period (environmental, social and governance).
At the Ordinary General Assembly meeting,e company has already implemented 99.6% of its sustainability plan. Mapfre reaffirms its ambition to be a carbon neutral company by 2030 in all countries where it is present.
90 years of history
The Mapfre president dedicated his last messages to the insurer’s 90th anniversary. “Next May 16th, we will celebrate ninety years of life, ninety years of illusions, ninety years of effort and the contribution of many generations to the development and transformation of this company.. Ninety years later, we have established ourselves as the largest Hispanic insurer and the first in Latin America, as well as one of the world’s largest reinsurers, achieving our highest revenue figure ever.”
Antonio Huertas closed his speech with a video of a moment of silence. This year 2023 is the 90th anniversary of Mapfre.
Source: Informacion
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