Mutual Madrileña obtained a net profit of 229.9 million in the first semester

Mutual Madrid Group obtained a benefit after taxes of 229.9 million euros in the first half of the year, which represents 67.4% more with respect to the same pe

Mutual Madrileña obtained a net profit of 229.9 million in the first semester

Mutual Madrid Group obtained a benefit after taxes of 229.9 million euros in the first half of the year, which represents 67.4% more with respect to the same period of the previous year, the insurer has reported on Tuesday through a statement.

Mutual explains that this increase is, above all, the impact they caused in the accounts of the first semester of 2020 the initiatives to support the COVID-19, among them, to expand two months without cost the renovations of insurance of Cars and motorcycles.

These measures increased the expenses of Mutual Madrid in the first half of 2020 in 65 million euros - which amounted to more than 160 million euros for the whole of the year - and reduced the results of that first part of last year in a 24.6%, also as a consequence of the widespread decline in financial markets in the worst months of the pandemic.

The insurer chaired by Ignacio Garralda has achieved income for non-life insurance premium revenues during the first six months of this year, of 2,837.4 million euros, 4.9% more than in the First semester of last year, when he recorded revenues from these premiums of 2,704.2 million.

By areas of activity, the group emphasizes that in the first semester has registered good behavior in all its business areas thanks to the best economic context.

Thus, the auto branch has increased its premium income by 4.2%, up to 835.9 million euros, so its market share has experienced a new progress, reaching 14.8%, which It has allowed the insurer to consolidate the second position in the ranking of this segment.

The group points out that this increase is derived from the uptake of new insured and not the increase in the price of rates. In this sense, it maintains that Mutual Madrid "will continue to apply its traditional price containment policy to most of its portfolio."

In the field of health insurance, premium revenues have grown by 3.9% until June and have reached 1,410 million euros, allowing Adeslas to have a market share of 28.7% and "continue maintaining A clear leadership position in the sector ".

Altogether, Algaixa Adeslas, an integrated company in the Mutual Madrid Group and participated by CaixaBank, has obtained in the first semester a premium revenues of 2,068 million euros, 4.9% more.

For its part, premium income from multiriesgo insurance have reached 369 million euros until June, 15.5% more than in the same period of the previous year.

With regard to the branch of life, premium revenues have reached 69.9 million euros in the first half of the year, increasing 17.4% compared to the same period of the previous year, despite the low rate environment Of interest "that offers an unfavorable environment for the sale of life-savings products," says the insurer.

Total revenues by premiums from the Mutual Group, including life and non-life, between January and June have amounted to 2,907 million euros, which represents 5.2% more than the first half of 2020.

For the closure of 2021, the group provides for a positive end result, although it affirms that the rate of growth "will be significantly lower", by not already being affected by the extraordinary measures adopted in the first half of 2020.

In addition, it awaits an increase in accidentality in the second half of the year, after the first semester has been under the prepandemic levels in line with the slightest circulation of vehicles.

Updated Date: 03 August 2021, 19:00

You need to login to comment.

Please register or login.

RELATED NEWS