The MAPFRE Annual General Meeting approved, among other resolutions, the accounts for fiscal year 2021, when the company posted a result of 765 million euros, a 45.3 percent increase on 2020, and distributed a gross final dividend of 8.5 euro cents per share. This brought the total dividend charged against 2021 to 14.5 euro cents per share, marking a return to its pre-pandemic level.
Strategic Plan 2022-2024
During the meeting, MAPFRE Chairman and CEO Antonio Huertas revealed the company’s new Strategic Plan 2022-2024, the motto of which is “We’re ready. Our time is now!”
The pillars underpinning this new three-year strategy include disciplined, sustainable, balanced and profitable growth; improvements in internal efficiency and an acceleration of the transformation already underway.
The direction in which the Group aims to move in the next three years foresees:
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Maintaining the company’s solvency ratio at a level of 200 percent, with a margin of tolerance of approximately 25 percentage points
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A pay-out ratio of more than 50 percent
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A debt ratio of 23 to 25 percent
Based on this scenario, the commitments undertaken include:
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In relation to the growth pillar:
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Achieving average premium growth of 5 to 6 percent in the period
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Average ROE of 9 to 10 percent in the next three years
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In relation to the efficiency pillar:
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Positioning the average combined ratio between 94 and 95 percent in the period
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In relation to the transformation pillar: People and Sustainability:
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Eliminating the adjusted gender pay gap by the end of the three-year period (with tolerance of +/- 1 percent, compatible with a company of this size)
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Finishing the three-year period with at least 90 percent of the investment portfolio rated in line with ESG criteria
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Sustainability Plan
The Sustainability Plan that will accompany the business strategy for the next three years was also presented to the Annual General Meeting. This plan, which sets more demanding targets than previous versions, the last one having been 98 percent fulfilled despite the pandemic, establishes the following objectives for the period:
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To extend by 2024 the carbon neutrality already achieved in Spain and Portugal to the main MAPFRE countries around the world, achieving global neutrality by 2030.
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To continue with inclusive labor policies so that people with disabilities make up at least 3.5 percent of the company’s workforce.
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To grant sustainability approval to all preferred providers in homeowners, automobile, health and procurement in MAPFRE’s main markets.
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To refrain from investing in coal, gas and oil companies that are not committed to an energy transition plan that limits global warming to around 1.5⁰C.
MAPFRE approaches sustainability commitments as a transversal part of its business. Compliance with these targets will therefore be included as part of the variable remuneration of the Group’s 250 top managers worldwide.
