MAPFRE records €25,301.2 in revenue
MAPFRE’s Annual General Meeting of Shareholders approved the Group’s financial statements, which recorded revenues of €25,301.2 million and a net result of €665.7 million in 2012. These positive results were made possible by its international and business diversification, and placed MAPFRE as one of the six largest companies in Spain by turnover.
A dividend against the 2012 results of €0.11 per share has been resolved, equivalent to a pay-out of 50.9%, the highest in MAPFRE’s history, with a 5.6% return. In addition to the interim dividend of €0.04 already paid last December, shareholders will receive a final dividend of €0.07 per share.
The MAPFRE Group is represented in Malta by Middlesea Insurance, which forms part of the MAPFRE Group. The meeting was attended by Middlesea’s President and CEO Alfredo Munoz.
MAPFRE’s Chairman Antonio Huertas stated that the Group’s forecasts are very positive and revenues are expected to exceed €26 billion in 2013. He advocated extending MAPFRE’s presence to other markets, continuing to grow in those where the Group already operates and improve efficiency.
As regards business areas, he mentioned that MAPFRE should grow again in Spain above the market, despite the fact that 2013 will be a year of uncertainty. Antonio Huertas added that Latin America will play an important role in the Group’s growth and that special attention will be paid to the US market, where MAPFRE’s presence will be extended to more states. Likewise, he underscored that the important international diversification of the global businesses will allow this area to keep on growing at a sustainable pace.
The AGM also approved the appointment of Ms Adriana Casademont i Ruhí, as an External Director, and that of Mr Rafael Casas Gutiérrez, as an Executive Director. As from May 8, Mr Francisco Vallejo Vallejo will replace Mr Francisco Ruiz Risueño as Second Vice-Chairman, who will retire due to reaching the age of 70, as laid down in MAPFRE’s Code of Good Governance.
During the AGM, MAPFRE’s Chairman went through the Group’s main corporate transactions and highlighted the strength of MAPFRE’s balance sheet (€56,983 million), with an increase in equity of €750 million and a solvency ratio of 261%.
MAPFRE’s Chairman also referred to the internal review process initiated to redefine the Group’s qualitative objectives, determine the most relevant values on which its business performance should be based and adapt its corporate culture to the new economic and social reality, as well as its own internal performance.
As a result of this process, the Group has redesigned its strategic approach, with the aim of becoming the most trusted global insurance company in order to continue to exceed the expectations of its customers, employees, shareholders, associates and Society in general.
In line with this new approach, Mr Antonio Huertas detailed MAPFRE’s main strategic guidelines for the coming years, noteworthy of mention being the creation of an international innovation platform, which allows to utilise and transmit the Group’s expertise in the various markets; the use of state-of-the-art technology that, together with the sales activity, should be one of the drivers of the company’s performance; and the continued improvement of efficiency, which contributes to increasing MAPFRE’s competitiveness.
Moreover, in order to lay the foundations for constant improvement of the Group’s results, new parameters will be implemented to evaluate and monitor businesses, and training will be further reinforced to form professional teams with a clear multinational vocation, with the aim of becoming a global insurance company.