Mapfre earned in the first six months of this year 364 million euros, which represents a growth of 34.5% compared to the same period of the previous year, after having recorded claims related to Covid-19 for an amount greater than 266 million .
Most of this impact is related to the Life business (152 million euros), explains the insurer, which has provisioned 75 million to launch a voluntary retirement plan in Spain in order to improve efficiency. These will be executed in the third quarter and is aimed at employees, with a certain age and permanence, and its nature is voluntary
“These results show the strength of the group and its ability to adapt to changing environments such as the one we live in. This is possible thanks to the solidity of our business model, diversified and with leadership positions in the main markets, as well as to a great capital strength, which allows us to face the future with optimism “, says Fernando Mata, director and chief financial officer of the company.
Regarding the termination plan, Mata has reported that the number of early retirements will affect about 250 workers (2.2% of the total in our country) and that it aims to adapt the structure of the workforce to digitization and the need for save costs.
In his opinion, the number of accessions is being positive in what we have been in July. It is not the first time that Mapfre has carried out early retirements, but by volume and cost it is the highest.
The group’s premium volume, as advanced last week, grew by 6.2% in the first half of this year, approaching 11,663 million euros. This push is due in part to the renewal of the policy with Pemex. At constant rate, the growth in policy income exceeded 11% after several years of canceling business deficits in the profitable growth strategy.
Mapfre highlights that the combined ratio, which measures expenses (operating and claims) over income, improved 1.6 percentage points in the first half of this year and stood at 95.1%.
Spain continues to be the engine of the insurer, contributing a turnover of 4,186 million, 7% more and a profit of 204 million. Mapfre considers that these figures are relevant despite the fact that the comparison is a period of paralysis of the activity of the economy due to the confinement of last year.
The automobile business, the company highlights, once again gained market share in the face of a stagnation in the sector in our country. Mapfre’s premiums grew 2.7%, and amounted to 1,115 million euros, with almost 6.15 million vehicles insured (+ 4.8%) with a combined ratio of 93.1%.
In General Insurance, premiums rose 5.1%, to 1,270 million, thanks to the push from Home, Health and Business. In Life, Mapfre registered an increase of 11.6% and exceeded 1,000 million, in part due to the behavior of unit-link products.
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