MAPFRE sees earnings drop 27.7% in H1

Written by Adam Cadle

27/07/2020

MAPFRE’s earnings at the end of June was €271m, 27.7% lower than the result obtained between January and June of the previous year due to the impact of COVID-19.

The group’s equity stood at €9.54bn at the close of June, 5.6% lower than in December 2019. Total assets were €70.17bn, down 3.2% from the close of 2019, as a result of the fall in stock markets, currency depreciation, and reduced activity.

Group investments stood at €51.35bn at the end of the first half of the year, 4.1% less than in December 2019. The majority of these investments 55.3% (€28.4bn), pertain to sovereign debt, while 18.5% (€9.48m) are in corporate fixed income and 4.8% (€2.45m) are in equity.

The solvency ratio stood at 177.2% in March 2020, with 85.5% Tier 1 capital. “These levels remain within the tolerance limits set by the board of directors, which will facilitate MAPFRE in dealing with this situation and allow it to take appropriate measures to reduce the consequences of this crisis,” the insurer said.

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