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A tough start into the year for Mapfre, which could potentially be industrial to a certain degree. The firm’s high exposure to motor, coupled with substantial inflation across geographies, proved to be the main killer of the firm’s profitability. The strategic plan’s “aspirational” objectives (defined before the Ukraine war) are so far confirmed, which is reassuring, although potential doubts exist on the Combined ratio objectives.
Mapfre SA Mapfre SA
Mapfre’s Q4 results are quite mixed. On one hand, the Non-life business has widely underperformed consensus expectations while, on the other, the Life business has satisfactorily outperformed. With the dividend back to its pre-pandemic level, Mapfre can continue its long recovery.
Mapfre’s technical performance for the quarter recorded low and disappointing levels, in both the Life and Non-life businesses, on the back of normalisation of the combined ratio in Iberia. However, this miss was offset by Life’s strong financial result and, coupled with the strong performance of Mapfre Re, enabled the Spanish insurer to beat consensus.
Mapfre posted satisfying results for its H1 release and keeps delivering as expected, with guidance reiterated. The insurer’s upside remains, according to us, locked-in and a function of the pace of recovery in Europe and the US, but also especially in LatAm and Brazil.
Mapfre’s Q1 21 release was not so surprising. The Spanish insurer can rely upon better-than-expected results in Iberia saving the day, as the company continues suffering in Brazil and North America. However, this was expected and the latter country looks to be recovering substantially better and faster than Europe, pushing our optimism for Mapfre’s investment recommendation.
