View
11
Download
0
Category
Preview:
Citation preview
MAPFRE GROUPJune 2013
2
ORGANIZATION CHART
MAPFRE FAMILIAR
MAPFRE VIDA
MAPFRE EMPRESAS
MAPFRE AMÉRICA
MAPFRE INTERNACIONAL
MAPFRE RE
MAPFRE ASISTENCIA
MAPFRE GLOBAL RISKS
MAPFRE S.A.
SPAIN & PORTUGAL INSURANCE INTERNATIONAL INSURANCE GLOBAL BUSINESSES
100%
100%
100%
99.2%
100%
91.5%
100%
100%
MAPFRE SEGUROS GERAIS
100%
3* 2005-2012 NIIF; 1986 – 2004 PGC
YearMillion €
EmployeesRevenues Results
before taxes
2012 25,301 1,372 35,586
2011 23,530 1,637 34,390
2010 20,471 1,431 36,744
2009 18,830 1,446 35,225
2008 17,711 1,383 34,603
2007 15,207 1,366 30,600
2006 13,583 1,156 28,091
2005 12,189 872 24,967
2004 10,831 739 19,920
2003 9,473 606 18,605
2001 8,933 316 16,756
1998 4,546 178 15,219
1995 3,249 203 11,292
1992 2,419 37 9,028
1989 1,214 49 5,369
1986 434 20 2,823
HISTORICAL EVOLUTION 1986-2012*
4
46 Countries
Honduras
Direct Insurance
Reinsurance
Assistance
Canada
USATurkey
Mexico
Paraguay
Uruguay Chile
Peru
Argentina
El Salvador Colombia
Venezuela Guatemala
Ecuador
Costa Rica Panama
Dominican Republic Puerto Rico
Nicaragua Philippines
Russia
Egypt
Jordan
Bahrain India
China
UK
Brazil
Dubai
Algeria
Tunisia
Portugal
Ireland
France
Belgium
Italy
Libya
Spain
Global Risks
Germany Luxembourg
Hungary
Greece
Malta Japan
Taiwan
Australia
MAPFRE GROUP’s INTERNATIONAL PRESENCE
MAPFRE REJune 2013
6
MAPFRE RE’s EVOLUTION
1982 Constitution of MAPFRE RE, SPAIN
1984 Opening of the Representative Office in MEXICO
1986 Opening of the Representative Office in MANILA
1988 Constitution of MAPLUX RE, LUXEMBOURGOpening of the Representative Office in MILANOpening of the Representative Office in CARACASAcquisition of CAJA REASEGURADORA, CHILE
1989 Acquisition of CIAR, BELGIUM
1990 Opening of the Representative Office in BUENOS AIRES
1991 Opening of the Representative Office in LISBONAcquisition of REASEGURADORA HEMISFERICA, COLOMBIAOpening of the Representative Office in LONDON
1993 Opening of the Representative Office in ATHENS
1994 Conversion of the LONDON Representative Office into Branch Office
1995 Incorporation of ITSEMAP
1996 Opening of the Representative Offices in LIMA and SAO PAULO
1997 New Branch Office in BRUSSELS
2000 Creation of MAPFRE REINSURANCE CORPORATION (MRC) in NEW JERSEY, USA
2004 New Branch Office of MRC in TORONTO, CANADA
2005 MAPFRE RE accredited in NEW YORK, USA
2006 New Branch Office in MUNICH
2007 Transfer of MRC Toronto Branch to MAPFRE RE
2008 Constitution of MAPFRE RE do BRAZIL (local reinsurer)Reinsurance representative within MAPFRE SA Rep. office in BEIJING
2011 New Branch Office in Paris (Life & Personal Lines)Conversion of the MILAN Representative Office into Branch OfficeConversion of the BUENOS AIRES Representative Office into Branch Office
7
INTERNATIONAL PRESENCE
Manila (Philippines)Beijing (China) Rep. in MAPFRE S.A.
••
•
•
•
•
•
•
New Jersey (USA)Toronto (Canada). Branch Office
Munich (Germany). Branch Office
Milan (Italy). Branch Office
London (UK). Branch Office
Lisbon (Portugal)
Brussels (Belgium). Branch Office
Madrid (Spain). Head Office
••
AsiaUSA / Canada
• São Paulo (Brazil)
• Santiago (Chile)
• Mexico D.F. (Mexico)
• Caracas (Venezuela)
• Bogota (Colombia)
Buenos Aires (Argentina)•
Latin AmericaEurope
Paris (France). Branch Office - (Life & Personal Lines)•
GEOGRAPHICAL NETWORK
8
MAPFRE RE’s SHAREHOLDERS
Data as at 31.12.2012
COMPANY %
MAPFRE S.A. (Spain) 91.5%
Ecclesiastical Insurance (UK) 3.8%
Societá Cattolica di Assicurazione (Italy) 2.2%
Vaudoise Assurances Holding (Switzerland) 1.2%
Shelter Mutual Insurance Co. (USA) 1.0%
MAAF Assurances (France) 0.3%
9
RATING MAPFRE RE
Agency Rating
Standard & Poor’s (1) BBB +
A. M. Best (2) A
(1) Outlook Negative : Rating updated on 25th October 2012.
(2) Outlook Negative : Rating updated on 26th June 2012.
10
P&L ACCOUNT INFORMATION
MAPFRE RE CONSOLIDATED 2004 2005 2006 2007 2008 2009 2010 2011 2012∆ 2012 s/ 2011
Gross Written Premium 1,132.6 1,337.4 1,437.7 1,601.2 1,778.6 2,053.7 2,371.6 2,630.7 2,844.5 +8.1%
Net Premium Earned 624.1 835.4 877.6 1,005.5 1,137.8 1,311.2 1,479.9 1,749.0 1,786.2 +2.1%
Net Incurred Losses -381.8 -563.6 -514.3 -619.4 -741.6 -843.9 -987.5 -1,258.9 -1,229.4 -2.3%
Net Commissions and Expenses -214.7 -268.8 -302.3 -318.4 -346.5 -388.4 -422.2 -497.1 -513.1 +3.2%
Net Technical Result 27.5 3.0 61.0 67.7 49.7 78.9 70.3 -7.3 43.6 697.3%
Financial Income 34.6 51.4 54.7 64.0 97.9 80.0 103.2 115.0 77.5 -32.6%
Result before taxes 62.1 54.4 115.7 131.7 147.6 158.9 173.4 107.7 121.1 +12.4%
Net Result (after taxes) 41.1 32.3 77.2 87.8 103.6 112.6 124.1 78.6 87.1 +10.8%
€ Million
11
BALANCE SHEET INFORMATION
2003 2005 2007 2008 2009 2010 2011 2012 ∆ 2012 s/ 2011
Investments 973.2 1,713.1 2,004.1 2,173.2 2,487.5 2,685.8 2,905.5 3,240.2 +11.5 %
Total Assets 1,429.6 2,545.2 2,879.9 3,130.7 3,476.0 4,087.9 4,363.5 4,612.8 +5.7 %
Shareholders’ Funds 325.6 622.7 725.2 742.8 839.7 848.4 847.7 968.6 +14.3%
R.O.E. 8.9% 5.3% 12.8% 14.1% 14.0% 14.4% 9.3% 9.7 --
€ Million
12
EVOLUTION OF ACCOUNTED GROSS PREMIUM
+18%
+31%
+11.4%
+11.1%
+7.5%
+15.5%
+15.5%
+10.9%
€ Million
+8.1%
13
EVOLUTION R.O.E.
MAPFRE RE has consistently produced positive results. A Capital Increase has never been required to cover losses.
They have been used to finance the company's development.
0,0%
2,5%
5,0%
7,5%
10,0%
12,5%
15,0%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
SG IFRS
14
GROSS PREMIUMS BY GEOGRAPHIC AREA
Spain &Portugal
41%
Rest of Europe
6%
Latin America
44%
AAA1%
USA & Canada
8%
Spain &Portugal
6%
Rest ofEurope
47%
LatinAmerica
24%
AAA15%
USA & Canada
8%
44,9%
55,1%
MAPFRE NON GROUP
Underwriting Year 2013
15
DISTRIBUTION OF PREMIUM BY TYPE OF BUSINESS
XL14,5%
Facultative11,3%
Proportional74,2%
Proportional70,0%
XL20,5%
Facultative9,5%
Year 2003 Year 2013
Total Portfolio
16
DISTRIBUTION OF PREMIUM BY LINE OF BUSINESS
(by Underwriting Year)
YEAR 2013YEAR 2003
Property55,2%
CAT13,2%
Agricultural2,7%
Motor / TPL6,7%
Bonds & Credit6,4%
M.A.T.6,2%
Assistance0,9%
Life, Accident, Health8,9%
Total Portfolio
Property30,7%
CAT19,5%
Agricultural5,2%
Motor / TPL14,3%
Bonds & Credit5,9%
M.A.T.5,1%
Assistance1,3%
Life, Accident, Health18,0%
Recommended