Business

Mapfre forecasts €700m full-year earnings

Chairman and CEO, Antonio Huertas, said the group expects to produce premium growth of around 3% this year

Mapfre has forecast net earnings of more than 700m (£599m) for 2021, with a return on equity of around 8.5%, at its latest annual general meeting (AGM). The group also forecast an operating result of 658m (£563m) with net earnings of 527m (£451m).

During the AGM, which was held remotely in light of ongoing restrictions, the chairman and CEO, Antonio Huertas, said the group expects to produce premium growth of around 3% this year against 2020. 

A final dividend of 7.5 euro cents per share was also approved at the meeting, taking the total charged against results to 12.5 euro cents per share, meaning the group will pay its shareholders a total of 385m (£329m) from results. 

The group has also forecast a combined ratio to stand at approximately 95% for this year, and revealed that the development of its digital business, where premiums amount to 1.13bn (£1.15bn), about 7% of the total, had been strengthened to support profitable growth.

Huertas said: “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. 

“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.”

Regarding equality objectives approved by the group for the three-year period 2019–2021, Mapfre also revealed it had already exceeded the goal of having 45% of job positions of responsibility filled by women and 3% of the global workforce comprising people with disabilities. 

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