Mapfre earned 642 million in 2022, 16.1% less due to inflation and accidents

Mapfre closed 2022 with a profit of 642 million euros, which is 16.1% lower than the same period last year. A number that represents a decrease due to the influence of various factors: high inflation rates in most markets; the increase in the accident rate in the automobile industry; And huge losses. Compared to 2021, the result also recorded a decrease of 7%.

The insurance group noted that “on the positive side, it highlights the excellent performance of Latin America, the impressive development of the reinsurance unit and the high growth in both the general insurance and in the life insurance branch.” Earnings, ROE, was 8.2%, a similar figure to what was also achieved on a like-for-like basis in 2021.

Revenues for its part grew by 8.3% to 29,510 million euros, while premiums increased by 10.8%, to exceed 24,540 million euros. “This increase in premiums reflects a general improvement in the insurance business in almost all regions, with significant increases in Latin America and North AmericaAnd also in reinsurance, high-risk business and positive behavior of almost all currencies against the euro.

The combined ratio increased 0.6 percentage points, to 98%, affected by an increase in car accidents as a result of high inflation and increased mobility after restrictions were removed due to Corona virus disease. What this ratio measures is the technical profitability of non-life insurance. If it exceeds 100%, the profitability is negative; If it is less, then the profitability is positive.

Consequently, the Board of Directors has agreed to propose to the General Meeting of Shareholders a supplementary dividend to be charged to the financial year 2022 of a total of 8.5 euro cents per share. In this way, the total dividend calculated for the 2022 financial year is 14.5 euro cents gross per share, which represents a ‘return’ (profit distributed to shareholders) of 69.5%. In this sense, Mapfre has set aside to pay out a total of 447 million euros to its shareholders in 2022.

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