The MAPFRE Group Annual General Meeting held in Madrid 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.
During the meeting, MAPFRE Chairman and CEO Antonio Huertas revealed the company’s new Strategic Plan 2022-2024, under the motto “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 maintaining the company’s solvency ratio at a level of 200 percent, with a margin of tolerance of approximately 25 percentage points, a payout ratio of more than 50 percent and a debt ratio of 23 to 25 percent. The plan also includes eliminating the adjusted gender pay gap by the end of the three-year period and at least 90 percent of the investment portfolio rated in line with ESG criteria.
Additionally, the company’s purpose was incorporated into this strategic plan, under the motto, “MAPFRE: We care about what matters to you.” “Our purpose is to be by everyone’s side, accompanying people and institutions so we can take assured steps forward together, helping at the same time to build a more sustainable and caring society,” Antonio Huertas emphasized.
The Sustainability Plan that will accompany the business strategy for the next three years was also presented to the Annual General Meeting. This plan establishes the following objectives for the period: 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, to continue with inclusive labor policies so that people with disabilities make up at least 3.5 percent of the company’s workforce, to grant sustainability approval to all preferred providers in homeowners, automobile, health and procurement in MAPFRE’s main markets and 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.