Madrid, February 10, 2022
SPANISH SECURITIES AND EXCHANGE COMMISSION
Please find attached the financial information that will be made available on the Company's website, for shareholders and the public in general.
Ángel L. Dávila Bermejo General Counsel
Financial Report
December 2021
CONTENTS
3. Macroeconomic Overview and Financial Markets | 8 | |
4. | Consolidated Result | 12 |
5. | Consolidated Balance Sheet | 15 |
6. | Information by Business Unit | 20 |
6.1 IBERIA | 21 | |
6.2 BRAZIL | 24 | |
6.3 LATAM NORTH | 26 | |
6.4 LATAM SOUTH | 28 | |
6.5 NORTH AMERICA | 30 | |
6.6 EURASIA | 32 | |
6.7 MAPFRE RE | 34 | |
6.8 MAPFRE ASISTENCIA | 36 | |
7. Debt & Capital Management | 38 | |
8. | Solvency II | 39 |
9. | Ratings | 42 |
10. The MAPFRE Share. Dividend Information. | 43 | |
11. Accolades Received in the Quarter | 46 | |
12. Events Subsequent to Closing | 47 | |
13. Appendixes | 48 |
JANUARY - DECEMBER 2021
1. MAPFRE GROUP KEY FIGURES
ITEM | DECEMBER 2020 | DECEMBER 2021 | % |
Results | |||
Revenue | 25,419.1 | 27,257.2 | 7.2 % |
Total written and accepted premiums | 20,482.2 | 22,154.6 | 8.2 % |
- Non-Life | 16,109.8 | 17,267.1 | 7.2 % |
- Life | 4,372.4 | 4,887.5 | 11.8 % |
Attributable net result | 526.5 | 765.2 | 45.3 % |
Non-Life Loss Ratio | 65.6 % | 68.2 % | 2.6 p.p. |
Non-Life Expense Ratio | 29.1 % | 29.3 % | 0.1 p.p. |
Non-Life Combined Ratio | 94.8 % | 97.5 % | 2.7 p.p. |
Earnings per share (euros / 12 months) | 0.17 | 0.25 | 45.3 % |
ITEM | DECEMBER 2020 | DECEMBER 2021 | % |
Balance sheet | |||
Total assets | 69,152.6 | 63,854.2 | -7.7 % |
Assets under management | 55,181.8 | 57,994.3 | 5.1 % |
Shareholders' equity | 8,536.0 | 8,463.4 | -0.9 % |
Debt | 2,993.6 | 3,091.5 | 3.3 % |
ROE | 6.1 % | 9.0 % | 2.9 p.p. |
Employees at the close of the period | |||
Total | 33,730 | 32,341 | -4.1 % |
- Spain | 11,332 | 11,138 | -1.7 % |
- Other countries | 22,398 | 21,203 | -5.3 % |
MAPFRE share | |||
Market capitalization (million euros) | 4,905.7 | 5,560.1 | 13.3 % |
Share price (euros) | 1.593 | 1.806 | 13.3 % |
ITEM | DECEMBER 2020 | SEPTEMBER 2021 | % |
Solvency | |||
Solvency ratio | 192.9 % | 193.8 % | 0.9 p.p. |
Figures in million euros |
3 | Financial Information | |
The English version is a translation of the original in Spanish for information purposes only. In case of discrepancy, the Spanish version shall prevail.
JANUARY - DECEMBER 2021
2. SIGNIFICANT ECONOMIC AND CORPORATE EVENTS
2.1 Significant Economic Events
2.1.1 Development of COVID-19 impacts Current status of MAPFRE operations
MAPFRE's activity during the COVID-19 crisis has focused on two main priorities:
- Guaranteeing the health and safety of all employees and collaborators.
- Ensuring business continuity in order to continue providing the highest level of service to our clients.
From the perspective of managing the crisis provoked by the pandemic, despite its impact and the mobility restrictions imposed in many countries, MAPFRE Group has maintained the continuity of its operations and has continued providing service to clients everywhere the Group operates, always complying with our commitment to our clients, as well as with the relevant legislation in force in each country at all times.
At the close of December, the percent of personnel who were working on the premises in the key markets where MAPFRE operates was the following: Spain, 95.9 percent of employees on a rotating basis; United States, 78.0 percent of employees on regular schedule with flexibility to work remotely; and Brazil, 100.0 percent of employees on a hybrid mobility model.
In the last quarter of the year, the COVID-19 pandemic situation improved progressively, thanks to advances in the vaccination process. This made it possible to be moderately optimistic about the development of the pandemic situation, with more and more countries slowly getting closer to normality, although new waves and new variants could limit the return to the total normalization of economic activity.
Most relevant economic impacts on MAPFRE's Income Statement
The following is a breakdown of the most relevant impacts on Group results, at the close of December 2021, as a result of the coronavirus (COVID-19) crisis:
Losses
Losses incurred as a result of claims directly allocated to COVID-19, by line of business, are as follows:
Lines | December | December |
2020 | 2021 | |
LIFE PROTECTION | 83.5 | 278.8 |
HEALTH | 58.8 | 88.7 |
BURIAL | 30.0 | 15.0 |
TRAVEL ASSISTANCE (Travel | 23.2 | 8.0 |
Insurance) | ||
OTHER | 13.7 | 17.7 |
TOTAL INSURANCE | 209.2 | 408.3 |
ACCEPTED REINSURANCE | 113.4 | 52.1 |
TOTAL ACCUMULATED | 322.6 | 460.4 |
Figures in million euros
By region and business unit, the breakdown of losses is as follows:
Regions and Units | December | December |
2020 | 2021 | |
IBERIA | 39.1 | 32.7 |
LATAM NORTH | 63.3 | 130.1 |
LATAM SOUTH | 33.5 | 42.7 |
BRAZIL | 46.2 | 188.7 |
NORTH AMERICA | 0.8 | 2.7 |
EURASIA | 3.1 | 3.3 |
TOTAL INSURANCE | 186.0 | 400.2 |
MAPFRE RE | 113.4 | 52.1 |
MAPFRE ASISTENCIA | 23.2 | 8.0 |
TOTAL ACCUMULATED | 322.6 | 460.4 |
Figures in million euros
Combined Ratio
The combined ratio to December by line of business during the last three years is broken down below:
Lines | Combined Ratio | ||
December | December | December | |
2019 | 2020 | 2021 | |
AUTO | 100.5 % | 91.7 % | 100.8 % |
HEALTH & ACCIDENT | 98.5 % | 94.1 % | 100.1 % |
GENERAL P&C | 88.0 % | 92.5 % | 90.8 % |
BURIAL | 96.3 % | 112.1 % | 100.5 % |
TRAVEL ASSISTANCE | 102.9 % | 102.3 % | 107.4 % |
LIFE PROTECTION | 84.2 % | 85.4 % | 94.6 % |
- Financial Information
The English version is a translation of the original in Spanish for information purposes only. In case of discrepancy, the Spanish version shall prevail.
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Mapfre SA published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 07:59:04 UTC.