MAPFRE: Third quarter's nat cat events' impact on the group's income: EUR 176 million

MAPFRE will disburse more than EUR 1.1 billion in compensation for the events that occurred in the third quarter of this year (hurricanes in the Caribbean and the USA, and earthquakes in Mexico). The estimated net impact on its income statement will be of EUR 176 million.

"I'd like to highlight MAPFRE's solvency and financial capacity to respond to our policyholders," MAPFRE chairman and CEO Antonio HUERTAS declared on the occasions of the latest Investor Day event held on December 5th. "The specific impact of these disasters will not affect the company's development. The organizational changes we have introduced in the USA, Eurasia and LATAM North will help us drive forward our strategy of focusing on profitable growth," he added.

MAPFRE's revenue in the first nine months of the year rose to EUR 21.3 billion, a 1.6% y-o-y increase. Premiums grew by 5.1% to EUR 18 billion, driven by business growth in Spain, Mexico and the reinsurance and global risks businesses. Net profit stood at EUR 445 million, a decrease of 22.3%, due to the costs stemming from recent natural disasters in both North America and the Caribbean, the estimated impact of which is EUR 176 million net. Excluding the effect of these catastrophes, attributable profit would have grown 8.6%.

These catastrophes (hurricanes and earthquakes) have affected both the Group combined ratio, which now stands at 98.7%, despite the severity of these events in scale and timing. Taking out the impact of these events, the combined ratio would have been 96.3%. It is important to note the progress in the reinsurance business, which contributed EUR 97 million to profits, with a combined ratio of 96.6%, as well as the strong growth of the business in Spain, and especially in profitability.

Equity closed September 2017 at EUR 10.8 billion, while shareholders' equity rose to EUR 8.8 billion and total assets at the close of September amounted to EUR 67.7 billion.

MAPFRE's investments totaled EUR 49.4 billion at the end of September. Of this amount, 54% corresponded to sovereign debt, while 20% was invested in corporate fixed income, with 9% in equity and mutual funds.

The Solvency II ratio at the close of the first half of this year was 205.6%, with 87% of top-notch (TIER 1) capital, reflecting the robustness and stability of the Group, which is supported by broad diversification and strict investment and management policies.

See more here.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Mark WILSON steps down as CEO of AVIVA

AVIVA announced Mark WILSON and the Board have agreed that Mark is stepping down as CEO of the group. "Mark will remain with the group until April 2019 and will assist with the planned and orderly transition".

2018-10-11

Manfred BARTALSZKY joins the WIENER STADTISCHE Managing Board

Austrian Vienna Insurance Group (VIG) announced during the merger of WIENER STADTISCHE with S Versicherung, that Manfred BARTALSZKY was appointed to the Managing Board of WIENER STADTISCHE, where he is now responsible for bank distribution.

2018-10-04

ZURICH to acquire Indonesian insurer ADIRA

ZURICH Insurance Group announced that it has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika (Adira Insurance), a top 10 property and casualty (P&C) insurer in Indonesia, from PT Bank Danamon Indonesia (Bank Danamon) and a minority investor.

2018-10-04

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

11.10.2018

Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.

11.10.2018

ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.

09.10.2018

The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.

04.10.2018

photodune-3834701-laughing-girl-xs

LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.

20.09.2018

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

See all