Looking at these figures, one would say the results are positive… and they certainly are, but more importantly, they reflect the Group’s tremendous resilience, that is, its ability to adapt to unforeseen situations like COVID-19, which changed everything. Even under circumstances like these, MAPFRE managed to continue driving business growth.

By rapidly adapting to this new reality, MAPFRE finished 2021 with all regional areas and business units contributing positively to the Group’s results. This is a sign that the geographic and business diversification that has been underway for years is generating positive results. And MAPFRE achieved this despite having to handle claims related to COVID-19 with a cost of over 460 million euros, mainly in the Life line of business, where more than half of that amount was located.

The Group’s major economic indicators closed the year positively. Its ROE, or profitability, increased by almost 3 points in one year to 9 %, its highest level in the past seven years. While its combined ratio increased compared to the previous year, it remained below 100, which reflects profitable operations. The company’s market capitalization, although still far from reflecting its true value, has also increased, and MAPFRE is worth more than 5.56 billion euros on the stock market.

At the end of 2021, insurance unit premiums amounted to 18.18 billion euros (+8.9 %), while those of MAPFRE RE (which includes both the reinsurance and large risks business) stood at 6.28 billion euros (+10.3 %). Assistance operating revenue amounted to 560 million euros (-21.1 %).

Logically, the results are evolving at different speeds due to the different pace of each geographic area and the peculiarities of each business. In Europe, where society seems to be learning to coexist with the pandemic, the economy is growing again, and MAPFRE’s business is a reflection of this. The Iberia regional area was once again the largest contributor to the Group’s profit. Spain continues to grow faster than the sector average, especially in its key lines of business, despite being a very mature market and MAPFRE’s position as the benchmark company in this country.

The reinsurance business once again posted a record profit of 118 million euros, compared to the 2 million euros it earned the year before… and it did so despite handling major claims due to events like the Bernd storm in Europe, whose impact amounted to 93 million euros.

Latin America, where the pandemic continues to batter some countries, was the region with the most marked increase in premiums, showing significant growth of almost 17 %, with practically all countries increasing their premium volume. However, the results were impacted, of course, by claims derived from the pandemic. Brazil, for example, performed strongly in the last part of the year, which allowed it to finish 2021 with premiums up more than 15% in local currency. Premiums grew by nearly 9 % in LATAM North, without including the two-year policy issued in Mexico for 477 million euros, and by 11.5 % in LATAM South.

In North America, despite a slight drop in premiums—a consequence of the slow business reactivation process, of the technical measures introduced in previous years to improve profitability, and of currency depreciation—the company recorded double-digit profit growth (+16.3 %).

In the Eurasia regional area, the situation differed markedly depending on the country, since each economy in the region is also quite different. Thus, while premiums rose by 17.6 % in Malta and 3.2 % in Germany, they fell by 6.5 % in Turkey (a consequence of the depreciation of the lira—26%—and a strict underwriting policy in the auto business).

The Assistance unit deserves special mention, as it recouped record profits after spending several years immersed in a complex reorganization process. With a profit of almost one million euros, this business is preparing to embark on a new stage of greater integration with the Group’s insurance companies.