Mapfre’s net earnings in 2019 came in a €609 million, 15.2 per cent better than the previous year, while the Group’s revenues rose by 7.1 per cent to €28.47 billion. Premiums were up by 2.2 per cent to €23.04 billion thanks to, among other things, the solid performance of business in Spain, in the LATAM North regional area and in the reinsurance business.

It is important to note that the cost of damages caused by the Faxai and Hagibis typhoons in Japan (€107 million), riots in Chile (€24 million) and heavy rain and storms in Spain (€17 million), among other events, had a heavy impact on the results for 2019. Nevertheless, thanks to the measures taken within the profitable growth framework, Mapfre Group’s combined ratio was marked at 97.6 per cent and their attributable equity stood at €8.85 billion (a 10.8 per cent increase) at the end of the fiscal year. Furthermore, Mapfre Group’s total assets grew by 7.8 per cent, reaching a total of €72.51 billion.

Group investments increased by 8.6 per cent in the last year to €53.52 billion, with 56.2 per cent of these investments in sovereign debt and 17.5 per cent in corporate fixed income, while 5.2 per cent are equity investments and 4.7 per cent are cash. At the close of September 2019, the Solvency II ratio stood at 195 per cent, compared to 198 per cent in June. However, thanks to a high level of diversification and a stringent investment and management policy, Mapfre Group’s solvency ratio continues to remain robust and stable.

Insurance unit premiums totaled €19.29 billion in 2019, indicating a rise of three per cent from the previous year, and attributable earnings were up by 17.7 per cent amounting to €806 million. Notwithstanding this, Mapfre Spain continues to be a market leader for ten quarters, while earnings in Brazil and LATAM North grew by 79 per cent and 44.6 per cent respectively. Peru continues to be a driving force for the LATAM Southern region, strongly contributing to a premium volume of €1.6 billion, while US earnings increased sevenfold to €57 million. On the other hand, the EURASIA Regional Area recorded a premium volume of €1.7 billion, boasting a 21 per cent increase in earnings to €15 million.

Despite the increase in disasters, the Reinsurance Unit achieved earnings of €77 million in 2019. Reinsurance Unit premiums stood at €4.52 billion, which was 19.4 per cent higher than in the previous year, while Mapfre global risks premium volume stood at €1.06 billion. The latter figure was a 9.7 per cent decrease from the previous year due to several large claims made in 2019, with a net cost of €27 million.

Regarding social dividends, the main indicators of the Group’s social commitment included a tax contribution amounting to €325 million equivalent to an effective rate of 25 per cent; scoring high in their environmental, social and governance (ESG) commitment; and commitment to employment, with 97 per cent of Mapfre’s 34,000 employees worldwide having a permanent contract; commitment to diversity, having 48.3 per cent of vacancies and positions of high responsibility filled by women and people with disabilities representing at nearly three per cent of the workforce.

Mapfre also made an environmental commitment by reducing its carbon footprint with the prospect of achieving neutrality in global emissions by 2030, with the most immediate objective being the achievement of zero emissions in Spain and Portugal by the end of 2021.

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