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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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
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.