Mapfre earned 642 million euros in 2022, 16% less, in a particular year for the insurer, in which high inflation in the markets in which it operates coincided with an increase in both automotive claims due to the return of mobility and natural disasters. The drought in the Paraná River has cost the insurer 112 million euros, compared to 31 million for Hurricane Fiona in Puerto Rico.
The accident rate associated with the effects of covid fell significantly, from 460 million euros in 2021 to 115 million in 2022, thanks to vaccines and control of the disease. The invasion of Ukraine has not had a verifiable effect on his insurance, while another trend of the year, inflation, has hit him especially outside of Spain.
There are some variables that temper the decline in earnings. Profits would have fallen less, 7%, if measured in comparable terms, and there has been good performance in Latin America, in the reinsurance business and in general and life insurance. Its profitability is 8.2%, similar to that of the previous year.
Mapfre's revenues reached 29,510 million euros, 8.3% more, while premiums experienced an increase of 10.8%, reaching 24,540 million euros, thanks to a general improvement in the insurance business in practically all regions , with significant increases in Latin America and North America. Despite inflation, the appreciation of Latin American currencies against the euro have also contributed to higher revenues.
In Spain, the result for the year was 375 million, 30% less, due to the increase in traffic accidents. In 2021, the resolution of the agreements with Bankia, now integrated into CaixaBank, meant a loss of 167 million. At the end of 2022, the insurer also had financial capital gains of 43 million.
Mapfre is also a great investor in public income. The group, which accumulates assets of 7,289 million and total assets of 59,626 million, has invested 41,388 million euros, of which almost half corresponds to public debt, which this year is skyrocketing its interest.
The group highlights its solvency ratio, with 84% capital of the highest quality, which, according to it, "reflects a prudent approach to the balance sheet and active investment management, as well as great solidity"
Mapfre is applying a strategic plan until 2024 designed before the invasion of Ukraine. "It is being executed with flexibility to adapt its initiatives at all times to the evolution of the different scenarios", he affirms.
