Mapfre’s premiums set to grow 3% in 2021, leaders tell remote AGM

Global insurer Mapfre confirmed it expects its insurance premiums to grow by about 3 percent in 2021 despite the impact of the COVID-19 pandemic, as the company approved its annual accounts for 2020 at its remotely accessed AGM on March 12, 2021.

In further positive news for 2021, Mapfre also forecast net operating earnings of more than €700 million for this year.

Chairman and CEO Antonio Huertas outlined the insurer’s commitments for 2021, highlighting its planned premium growth of around 3 percent more than in 2020. This year it expects to continue creating value for shareholders, with a return on equity of around 8.5 percent.

"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,” said Huertas.

“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 also emphasised that the development of the digital business, where premiums already amount to €1.13 billion, about 7 per cent of the total, had been strengthened to support profitable growth. In addition, the insurer’s commitment to innovation has also been beefed up by developing on/off insurance solutions, cybersecurity in connected vehicles or developing integrated mobility and safe-driving platforms. He said that around 700,000 clients had already benefited from solutions originating in the Mapfre Open Innovation platform.

The insurer has also exceeded its goal to have 45 percent of job positions of responsibility filled by women and 3 percent of the global workforce comprised of people with disabilities.

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

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