At the latest MAPFRE annual general meeting (AGM), the accounts for fiscal year 2020 were approved, recording an operating result of €658 million with net earnings of €527 million, as was the dividend. Specifically, a final dividend of €0.075 per share (gross) was approved at the AGM, taking the total charged against results to €0.125 per share (gross), meaning the group will pay its shareholders a total of €385 million from results.

During the AGM, which was held entirely remotely, the chairman and CEO of MAPFRE, Antonio Huertas, reviewed the company’s progress throughout 2020 and the measures implemented to combat COVID-19.

Huertas outlined the commitments for 2021, a year in which the group is expecting to produce revenues similar to those of 2020, with premium growth of around three per cent. In this context, and excluding any extraordinary items, MAPFRE projects attributable net earnings of more than €700 million for 2021, and to continue creating value for shareholders, with a ROE (return on equity) of around 8.5 per cent. The group’s combined ratio is expected to stand at approximately 95 per cent for this year.

“In 2020, a year marked by the pandemic, we were able to very successfully meet our objective of rewarding shareholders with an excellent dividend despite the circumstances of the market and supervisory authorities, while maintaining a high solvency margin with adequate control of liquidity in all our operations. We have a healthier balance sheet, an excellent solvency position, better-performing technical foundations and operational transformation underway, all of which should enable us to grow steadily and profitably in the coming years,” Huertas said.

He recalled that the development of the digital business (where premiums already amount to €1.13 billion, about seven per cent of the total) had been strengthened to support profitable growth, as had the commitment to innovation, by, for example, developing on/off insurance solutions, cybersecurity in connected vehicles or developing integrated mobility and safe-driving platforms. He stressed that almost 700,000 clients had benefitted from solutions originating in the MAPFRE Open Innovation platform.

As regards the equality objectives approved by the group for the three-year period 2019–2021, MAPFRE had already exceeded the goal of having 45 per cent of job positions of responsibility filled by women and  three per cent of the global workforce comprised of people with disabilities.

Huertas also referred to the sustainability plan that the group is developing, through which − in addition to showing its commitment to the environment, the most vulnerable and the SDGs (Sustainable Development Goals) − MAPFRE seeks to continue to be a company in which people and their development are the main focus of action. 

Ana Isabel Fernández Alvarez was approved for re-election as an independent board director. Francisco José Marco Orenes and Fernando Mata Verdejo were approved for re-election as executive directors.

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