MAPFRE, Q1 2019: First quarter revenues increased by EUR 422 million

MAPFRE initiated its Strategic Plan 2019-2021, stimulating profitable growth and improving the key financial indicators against a backdrop of near currency neutrality and a still complex global economic environment.

Q1 2019 indicators highlights

  • Total GWP: EUR 6,398.6 million (+3.3%, compared to Q1 2018)
    • GWP Iberia: EUR 2525.4 million (+7.8%)
    • GWP Latam: EUR 1,768.6 million (-0.3%)
    • GWP International: EUR 1,078.0 million (-2.3%)
    • GWP RE: EUR 1,541.1 million (+10.6%)
    • GWP Asistencia: EUR 232.8 million (+2.6%)
    • GWP Holdings, eliminations, others: - EUR 747.2 million (-16.4%)
  • Life GWP: EUR 1,399.4 million (+13.7%)
  • Non-life GWP: EUR 4,999.2 million (+0.7%)
  • Total consolidated revenues: EUR 7,674.8 million (+5.8%)
  • Results after tax: EUR 188.1 million (+0.6%)
  • Earnings per share (EPS): EUR 6.11 (+0.6%)
  • Combined ratio: 95.9% (-0.6 pp)
  • Solvency ratio: 189.5%

MAPFRE revenues in the first three months of the fiscal year increased by 5.8 percent to 7.7 billion euros, while premiums increased to 6.4 billion euros, representing an increase of 3.3 percent (3.9 percent in constant currency terms). In turn, net earnings were 188 million euros, up 0.6 percent compared to the first quarter of the previous fiscal year.

This increase was supported by solid business performance in Spain, which remains the driver of the Group, and strength in the reinsurance business. There was a notable rise in profits in two of the Group's major markets, namely Brazil and the United States, and significant increases were recorded in Mexico, Chile, Peru and the Dominican Republic.

The Group's combined ratio improved by 0.6 percentage points to 95.9 percent at the close of March.

Equity stood at 9.5 billion euros, 3.8 percent higher than at the close of December 2018, while shareholders' equity rose to 8.3 billion euros, 3.5 percent higher than three months earlier. Total assets rose 5.9 percent in the quarter, reaching 71.3 billion euros.

Group investments reached 51.8 billion euros, up 5.1 percent compared to the December 2018 close, with 55.1 percent of these investments in the form of sovereign debt, 17.8 percent in corporate fixed income investments and 7.7 percent in equities and mutual funds.

The Solvency Ratio at the close of December 2018 was 189.5 percent, with 87.3 percent comprising highest quality capital (Level 1), sustained by strong diversification and strict investment and management policies.

Full report can be found on MAPFRE website.

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