Madrid, July 28, 2022
SPANISH SECURITIES AND EXCHANGE COMMISSION (CNMV)
In accordance with article 227 of the Recast Text of the Securities Market Act, MAPFRE S.A. (MAPFRE) hereby gives notice to the Spanish Securities and Exchange Commission of the following
OTHER RELEVANT INFORMATION
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
June 2022
CONTENTS
3. Macroeconomic Overview and Financial Markets | 8 | |
4. | Consolidated Result | 11 |
5. | Consolidated Balance Sheet | 14 |
6. | Information by Business Unit | 18 |
6.1 IBERIA | 19 | |
6.2 BRAZIL | 21 | |
6.3 LATAM NORTH | 23 | |
6.4 LATAM SOUTH | 25 | |
6.5 NORTH AMERICA | 27 | |
6.6 EURASIA | 29 | |
6.7 MAPFRE RE | 31 | |
6.8 MAPFRE ASISTENCIA | 33 | |
7. Debt & Capital Management | 34 | |
8. | Solvency II | 35 |
9. | Ratings | 38 |
10. The MAPFRE Share. Dividend Information. | 39 | |
11. Accolades Received in the Quarter | 42 | |
12. Events Subsequent to Closing | 44 | |
13. Appendixes | 45 |
JANUARY - JUNE 2022
1. MAPFRE GROUP KEY FIGURES
ITEM | JUNE 2021 | JUNE 2022 | % |
Results | |||
Revenue | 14,083.1 | 14,806.8 | 5.1 % |
Total written and accepted premiums | 11,662.6 | 12,509.7 | 7.3 % |
- Non-Life | 9,346.7 | 10,106.2 | 8.1 % |
- Life | 2,316.0 | 2,403.5 | 3.8 % |
Attributable net result | 364.0 | 337.6 | -7.3 % |
Non-Life Loss Ratio | 66.0 % | 71.2 % | 5.2 p.p. |
Non-Life Expense Ratio | 29.1 % | 27.1 % | -2.0 p.p. |
Non-Life Combined Ratio | 95.1 % | 98.3 % | 3.2 p.p. |
Earnings per share (euros / 3 months) | 0.12 | 0.11 | -7.3 % |
ITEM | DECEMBER 2021 | JUNE 2022 | % |
Balance sheet | |||
Total assets | 63,854.3 | 63,051.8 | -1.3 % |
Assets under management | 57,994.3 | 53,075.3 | -8.5 % |
Shareholders' equity | 8,463.4 | 7,629.2 | -9.9 % |
Debt | 3,091.5 | 2,924.2 | -5.4 % |
ROE | 9.0 % | 9.2 % | 0.2 p.p. |
Employees at the close of the period | |||
Total | 32,341 | 31,705 | -2.0 % |
- Spain | 11,138 | 11,072 | -0.6 % |
- Other countries | 21,203 | 20,633 | -2.7 % |
MAPFRE share | |||
Market capitalization (million euros) | 5,560.1 | 5,179.8 | -6.8 % |
Share price (euros) | 1.806 | 1.682 | -6.8 % |
ITEM | DECEMBER 2021 | MARCH 2021 | % |
Solvency | |||
Solvency ratio | 206.3 % | 205.3 % | -1.0 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 - JUNE 2022
2. SIGNIFICANT ECONOMIC AND CORPORATE EVENTS
2.1 Strategic Plan 2022-2024
Despite the extraordinarily complex environment full of uncertainty, MAPFRE reaffirms its intention to continue working toward the current Strategic Plan, announced at the most recent Annual General Shareholders' Meeting, since it is the roadmap the company needs to continue advancing in growth and profitability. The Plan, designed before the invasion of Ukraine, is being carried out with flexibility to adapt each of its initiatives at every moment to the development of the different scenarios.
Regarding the Plan's public economic objectives, both the aspirational objectives and the general framework are still valid. The combined ratio objective of 94-95 percent is challenging in the current context and could be subject to revision in coming quarters, depending on the development of inflation. On the other hand, the positive development of premiums, the improvement in the financial result from the increase in interest rates and the positive performance of currencies against the euro are factors that will work in favor of meeting the target of 9-10 percent ROE. Further, the excellent solvency and capital levels along with the reasonable level of debt are positive factors for meeting the 50 percent minimum pay- out target and therefore also the sustainable dividend. This confirmation of targets is based on there being no additional deterioration of the current socioeconomic environment.
Regarding transformation and sustainability (ESG) targets, they are reaffirmed as fully valid as well.
2.2 Significant Economic Events
Following the ESMA recommendation, the impacts from the COVID pandemic and the Russian invasion of Ukraine are included in the significant economic events in this report.
2.2.1 COVID losses impact development
In the first half of 2022, losses were down thanks to the positive advances in vaccination, despite the arrival of new variants of COVID-19, as well as the return to normality after the elimination of health and mobility restrictions.
The following chart shows loss development over the last five quarters:
Figures in million euros
The breakdown of COVID losses by region and business unit and line is as follows:
Regions and Units | June 2021 | June 2022 | ||
IBERIA | 22.2 | 11.0 | ||
LATAM NORTH | 72.6 | 24.9 | ||
LATAM SOUTH | 43.8 | 3.2 | ||
BRAZIL | 99.7 | 18.1 | ||
NORTH AMERICA | 1.4 | 1.4 | ||
EURASIA | 2.4 | 0.4 | ||
TOTAL INSURANCE | 242.1 | 59.1 | ||
MAPFRE RE | 19.3 | 10.4 | ||
MAPFRE ASISTENCIA | 5.1 | 3.7 | ||
TOTAL ACCUMULATED | 266.4 | 73.2 | ||
Figures in million euros | ||||
Lines | June 2021 | June 2022 | ||
LIFE PROTECTION | 151.9 | 34.0 | ||
HEALTH | 50.5 | 14.9 | ||
OTHER LINES | 64.0 | 24.3 | ||
TOTAL ACCUMULATED | 266.4 | 73.2 | ||
Figures in million euros
2.2.2 Ukraine invasion
On February 24, Russia began its invasion of Ukraine territory, initiating a war that continues today.
Since the beginning of this invasion, MAPFRE has been monitoring its direct impacts on insurance and reinsurance activity and on investments held in Russia and Belarus.
- 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 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 06:27:04 UTC.