Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MAPFRE SA. We currently have 6 research reports from 1 professional analysts.
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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.
US snowfall in February, frozen outlook in July
24 Jul 15
Mapfre recorded H1 15 total revenues at €14,518m (+5.8% year-on-year). Premiums recorded a 3.3% increase at €12,175m. The Non-Life segment posted an 11.8% growth to €9,639m, but the Life business disappointed with a 19.8% drop to €2,535m. Non-Life's combined ratio stood at 99.1% vs. 95.7% in H1 14. H1 15 net profit recorded a 31% drop to €315.6m. The contribution to earnings from the Iberia area reached 52.4% and remains the most profitable territorial area along with Brazil (22.1%) and LatAm South (10.4%). The Spanish company has a relatively comfortable position in terms of capital adequacy with nearly 90% of eligible capital in Tier 1 items. Mapfre’s capital ratio under Solvency II exceeds 160%.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare