MADRID, 29 Jul. (EUROPA PRESS) –
Grupo Mutua Madrileña achieved a consolidated net profit of 250.7 million euros in the first quarter of 2022, which represents an increase of 9.1% compared to the same period a year earlier, thanks to the good evolution of the main insurance businesses and the extraordinary profits from the sale of 1.6% of CaixaBank, as reported this Friday.
Premium income amounted to 3,587 million euros, 10.4% above the first half of 2021. This figure reflects the displacement of part of the income from the last quarter of 2021 (in the auto line) to the first months of this year, as a result of the application of measure 12 2 launched in 2020 by Mutua Madrileña as a result of the pandemic, consisting of extending the validity of auto insurance by two months at no cost to the mutual member at the time of its renewal.
In Spain alone, the group’s total income grew by 10.2%, to 3,203 million euros, while the international business contributed 385 million euros in premiums, 11.8% more than in the first half of 2021.
The non-life branch, Grupo Mutua’s main area of ??activity, increased revenue by 8.8%, to 3,086 million euros, while revenue from the life branch rose by 68%, to 69.9 million euros , driven by the incorporation into the Grupo Mutua de Seguros El Corte Inglés.
It should be remembered that, during the first half of 2022, Mutua Madrileña closed its strategic alliance with El Corte Inglés after obtaining the necessary administrative authorizations. The agreement involves the purchase and sale of the insurance business of El Corte Inglés, which includes 50.01% of each of the two companies that carry out said activity (SECI and CESS) and the entry by Mutua into the shareholding of El Corte English, for a combined amount of 1,025 million euros.
In the auto segment, premiums grew by 12.3%, to 938.5 million, due to the effect of the aforementioned measure of 12 2, without which the increase would have been 3.9%. Therefore, the group’s market share rose to 16.2%, which allowed Mutua to consolidate its second position in the car ranking.
In health, the group reached 1,516.6 million euros in revenue, 7.6% more, so that Adeslas remained the leading insurer in the sector, with a market share of 28.7%. As a whole, SegurCaixa Adeslas, a company integrated into the Mutua Madrileña Group and owned by CaixaBank, obtained premium income of 2,190 million euros in the first half, 5.9% more.
For its part, income from multi-risk insurance grew by 6.3%, to 392.5 million, and that of the rest of non-life increased by 7.3%, to 238.6 million.
The company has highlighted that, with these revenue data by line of business, it is the leading insurance group in the non-life market in the first half of the year, the first in the health business, the second in the auto business and the third in total insurance, including life and non-life.
