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Mapfre predicts at least 6% rise in operating earnings in 2021

Spanish (re)insurer Mapfre has predicted a more than 6% rise in operating earnings this year to over EUR700mn ($836.8mn), with a group combined ratio of about 95%.

It also predicted a 3% increase in insurance premiums and a return on equity of about 8.5%.

CEO Antonio Huertas delivered the forecasts at the carrier’s annual shareholders’ meeting.

He said: “We have a healthier balance sheet, an excellent solvency position, better-performing technical foundations and operational transformation underway, all of which should enable us to grow steadily and profitably in the coming years.”

Huertas’ operating profit projection excludes one-time items.

Mapfre said its 2021 operating earnings target compares with EUR658mn in 2020.

Its full-year results disclosure put the 2020 combined ratio at 94.8% and the return on equity at 6.1%, though a spokesperson explained that the new 8.5% target for 2021 compares with a figure of 7.6% last year.

Mapfre’s gross written premiums last year were EUR20.5bn.

At the meeting, Mafpre also said it had already exceeded a goal of having 45% of senior posts held by women and 3% of the global workforce comprised of people with disabilities.

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