Mapfre eyes 6% annual business growth through 2026; commercial focus
Spanish-based global re/insurer Mapfre will grow at an average 6% pace over the next three years to top the €32 billion mark in premium at end-period while trimming the combined ratio to a range of 95-96%, according to a plan presented to shareholders.
“We’re growing, and we’ll continue to grow profitably,” CEO Antonio Huertas said in his presentation to shareholders. “We are ambitious, because we want to leverage all growth opportunities, but we’re also holding firm on prudent and rigorous business management.”
Towards those goals, Mapfre will focus on improving efficiency and competitiveness in auto, developing and building-out the commercial lines segment, consolidating technical and sales gains made in the reinsurance unit and “updating our risk appetite based on profitability, potential growth, and the scalability required to manage operations with appropriate efficiency and productivity.”
Distribution will be a key focus. Mapfre will continue to seek out new distribution channels in Spain, Brazil, the United States, Mexico, and Germany, as well as “complementary paths to growth in the Life insurance business.” The distribution build-out “necessarily involves” increasing the weight of bancassurance in the business mix, management believes.
ESG shows up as a major component. Mapfre will seek to raise the number of countries with a neutralised carbon footprint to 15, have at least 95% of its total investment portfolio qualified in line with ESG criteria and achieve a minimum of 34% female managers by 2024 on the way to systematic one-point-per-year gains thereafter.
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