MAPFRE: PREMIUM REVENUES’22 (ANÁLISIS BANCO SABADELL)
The company has released its 2022 premiums figure, totalling € 24.54 Bn, meaning a +10.8% increase vs. 2021, driven by the Non-Life business (+12% vs. +6.4% in Life). The performance on the year shows a slight slowdown in 4Q’22 on a standalone basis, which grew +6.8% vs. 4Q’21, due mainly to the Life business, where premiums remained flat (and vs. +9.4% in Non-Life). We downplay the performance in the Life business, which we think is due to the seasonal nature of the single premium business. Excluding one-offs (sale of Bankia Life in Dec’21, multiannual premium in Pemex in 2021), premiums would have grown +14%, of which +5.3% stems from an FX effect.Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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