Mutua Madrileña prepared to buy in the Spanish insurance sector

Published by: MRT

Published on:

Mutua Madrileña prepared to buy in the Spanish insurance sector

Ignacio Garralda, President of Mutua Madrileña, has stated at the General Shareholders’ Meeting that the company is willing to undertake corporate operations in Spain in order to support its strategy of profitable and sustainable growth over time within its Strategic Plan for 2021-2023.

Garralda highlighted one of the objectives that mark the roadmap of its current Strategic Plan is to continue advancing in the digitization process, for which Mutua will invest 150 million euros throughout the period. In addition, the company will continue with its diversification strategy to reach more people with new products and services, growing in assets under management through Mutuactivos and the firms that have joined the project.

“We will develop our international business and we will seek to maintain the leadership of the general or Non-Life insurance sector in Spain. If the opportunity arises for it, we will be in a position to undertake corporate operations in the domestic market that allow us to improve our competitive position for the future, “he said.

International expantion

In relation to its international diversification strategy, Ignacio Garralda highlighted the good performance of its businesses: Bci Insurance, a Chilean company of which it owns 60% of the capital, and State insurance, of which it acquired 45% of the capital in 2020.

Garralda was very satisfied with both operations, which last year contributed to the consolidated result of Mutua Madrileña 20.3 million euros, 14% more than in 2019. In the opinion of the president of Mutua, any company that wants to achieve and ensure sustainable development in the future has to look outside the borders of our country.

During 2020, the insurer obtained a profit of 304 million euros, 5.2% more than the previous year. The group’s consolidated revenue volume, for its part, reached 5,585 million euros, 2.2% more than in 2019.

Mutua closed 2020 with the highest solvency ratio of the large Spanish insurance groups, 304% with the closing data for 2020, according to the demanding criteria of Solvency II. All these figures were approved during the course of the Mutualists Meeting.

Disclaimer: This article is generated from the feed and not edited by our team.