Mapfre: 2020’s results impacted by Covid-19

Mapfre has published the results of 2020 which are strongly impacted by the Covid-19 pandemic.

The net profit of the Spanish group degraded by 13.6% from 609.2 million EUR (682.2 million USD) in 2019 to 526.5 million EUR (646.671 million USD) one year later. Such a decrease is mainly due to the pandemic which cost the group's reinsurance business 80 million EUR (98.25 million USD).

Mapfre Re also sustained losses that were established at 68 million EUR (83.52 million USD) due to the earthquake in Puerto Rico.

As at 31 December 2020, the group's turnover declined by 11.1% to be set at 20.48 billion EUR (25.15 billion USD) compared with 23.04 billion EUR (25.8 billion USD) recorded one year earlier.

In addition to the Covid-19 impact, Mapfre traces its lower performance back to currency depreciation in Latin America, Turkey and the United States.

The combined ratio improved by 3 points compared to the same period in 2019 with a 94.8% rate by late 2020.

Read also | Ranking of insurance companies in 2019