Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MAPFRE SA. We currently have 7 research reports from 1 professional analysts.
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The insurer is dancing the flamenco
17 Feb 17
Mapfre posted FY 16 total revenues of €27,092m (+1.5% yoy). Total premiums recorded a 2.2% increase to €22,813m. The Non-Life segment showed a 1.5% growth relative to 2015 to €17,700m. The combined ratio stood at 97.4% vs. 98.6% a year before. The technical result jumped by 97.9% to €370.5m. The Non-Life result improved by 34% to €1,231m. The Life business FY 16 revenues declined by 5% to €5,113m, but the technical result is still negative at €-640.6m. The Life result amounted to €746.9m, +6.8% yoy. FY 16 net profit recorded a 9.4% drop to €775.5m. The contribution to earnings from the Iberian area reached 75.8% and remains the most profitable region along with Brazil (18.8%). The Board of Directors has approved a final dividend of €0.085 per share against the 2016 results.
24 Nov 16
Mapfre recorded 9M 16 total revenues of €20,963m (+1.8% yoy). Premiums recorded a 1.3% decrease to €17,109m. The financial income improved by 22.1% to €3,477m. The Non-Life segment posted a 2.3% decline to €13,467m and an 11.8% drop in Q3 to €3,956m. The combined ratio stood at 97.2% vs. 98.7% in 9M 15 and the profitability of the Non-Life business improved by 18.1% relative to September 2015 to €890m (-1.7% yoy for Q3 16 to €302m). Concerning the Life business, Mapfre posted a 2.3% growth in premiums to €3,642m despite a difficult Q3 16 (-27.5% yoy to €1,073m). The result of the Life business amounted to €539m, +1.5% yoy, negatively impacted by a difficult Q3 16 (-21.1% yoy to €163m). The group’s 9M 16 net profit recorded a 3.3% decrease to €572m.
The insurer is dancing the Flamingo despite the Samba of LatAm currencies
27 Jul 16
Mapfre recorded H1 16 total revenues of €14,640m (+0.8% yoy). Premiums recorded a slight decrease of 0.8% to €12,079m. H1 15 net profit jumped by 20.5% to €380.4m. The Non-Life segment posted a 1.3% decline to €9,510m after the recorded drop in Q2 (-10.7% to €4,486m). The underwriting result is still benefiting from good Q1 16 figures and posted a 181% improvement ytd to €174.8m. The combined ratio stood at 97.5% vs. 99.1% in H1 15. The last three months were difficult with a 45% drop in underwriting result to €62m. The Q2 16 net financial income (+38.5% to €264.4m) has saved the branch result (+9.9% to €307.8m in Q2 and +12.9% to €588m ytd). The Life business recorded a 1.3% improvement in premiums to €2,568m and the result stood at €376.9m, +1.9% yoy (+21.4% in Q2 to €170.2m). For the group, the contribution to earnings from the Iberia area reached 64% and is more than ever a determinant for the insurer’s performances, well above Mapfre Re (23.7%) and Brazil (17.8%). The Spanish company has a relatively comfortable position in terms of capital adequacy with nearly 93% of eligible capital in Tier 1 items. Mapfre’s capital ratio under Solvency II exceeds 181%, excluding the use of transitional measures.
Slump in LatAm currencies pays dearly
05 May 16
Mapfre released Q1 16 revenues of €7,263m (-3.4% yoy), of which €5,047m from the Insurance business and €1,093m from reinsurance. Non-Life sales amounted to €5,024m (+2% yoy) while Life’s decreased by 8.5% to €1,088m. By regional area, IBERIA represents more than 50% of the consolidated result, largely ahead of Mapfre Re (23% at €51m) and Brazil (12.2% at €27m). The Non-Life result recorded a 4.5% decrease to €280m despite the improvement in the combined ratio by 200bp to 96.8%. The Life result dropped by €18% to €170m. The group’s net profit reached €191m, -4.8% relative to the same period in 2015. The insurer has also disclosed its Solvency II ratio, which stands at 190%.
Move back is here, but a better jump forward is not guaranteed
10 Feb 16
Mapfre recorded FY 15 total revenues of €26,702m (+4.1% yoy). Premiums recorded a 2.3% increase to €22,312m. The Non-Life segment posted 6.5% growth to €17,441m, but a 4.8% decrease was recorded in Q4 15. The combined ratio stood at 98.6% vs. 95.8% in 2014. The underlying result declined in Q4 15 by 64.6% to €52.4m and the same trend was confirmed for the whole year (-66.6% to €187.2m). The Non-Life result dropped by 47.9% in Q4 to €164.9m (-30.2% to €919m). The Life business revenues posted a 10.6% drop to €4,871m and the Q4 15 result amounted to €167.4m (+9.9% yoy), endorsing the positive trend since the beginning of the year (+5.9% to €699.2m). FY 15 net profit recorded a 16.1% drop to €708.8m. The contribution to earnings from the Iberian area reached c.57.9% and remains the most profitable region along with Brazil (18%). The Board of Directors has approved a final dividend of €0.07 per share against the 2015 results.
Little good news
04 Nov 15
Mapfre recorded 9M 15 total revenues of €20,586m (+6.8% year-on-year). Premiums recorded a 5.4% increase to €17,340m. The Non-Life segment posted 10% growth to €13,780m, but a 12.2% decrease was recorded in Q3 15. The Life business disappointed with a 9.3% drop to €3,560m. Non-Life's combined ratio stood at 98.7% vs. 95.8% in 9M 14. 9M 15 net profit recorded a 12.1% drop to €591.3m. The 9M results include the impact of the €155m net gain from the sale of CATALUNYACAIXA´s insurance businesses. The contribution to earnings from the Iberian area reached c.70% and remains the most profitable territorial area along with Brazil (22.2%). The Board of Directors has approved an interim dividend of €0.06 per share against the 2015 results.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.