The premium revenue of the largest insurance groups in this segment remains stable, according to the FUNDACIÓN MAPFRE Ranking

MAPFRE, among the five largest european Non-Life insurance companies in 2014MAPFRE occupies fifth place in the 2014 ranking of the largest European insurance companies in the Non-Life segment, which is compiled annually by Fundación MAPFRE. The premium revenue of the top 10 European Non-Life insurance groups remained stable in 2014 compared with the previous year, with a slight increase of 1.5 percent to 205,537 million euros.

Market conditions remain highly competitive, which, combined with low interest rates, exchange rate volatility and modest levels of economic growth, results in a moderate growth scenario for the sector.

EUROPE’S LARGEST NON-LIFE INSURANCE GROUPS IN 2014
Ranking by gross premium volume
GroupCountryNon-Life Premiums% ΔCombined Ratio(*) %
2013201420132014
1ALLIANZGermany46.57948.3223,794,394,3
2AXAFrance32.00232.8722,796,696,9
3ZURICH(**)Switzerland27.39727.5580,698,097,3
4GENERALIItaly20.94020.617-1,595,693,8
5MAPFRESpain16.27816.4090,896,195,7
6TALANXGermany15.41215.8452,897,197,9
7ERGOGermany11.31611.291-0,296,795,2
8AVIVAUnited Kingdom11.01211.1411,297,395,7
9COVÈAFrance10.75011.1713,9100,098,3
10RSAUnited Kingdom10.74810.310-4,199,698,8
Total top 5143.196145.7781,8
Total top 10202.435205.5371,5

Source: Fundación MAPFRE. Prepared internally based on consolidated financial statements (under IFRS criteria)

(*) Combined Ratio is the one submitted by each company in its annual report. If the Non-Life and Health ratios are given separately, we have used the Non-Life ratio. Covéasubmits the combined ratio for the group in France

(**) Framers premiums not included

The technical result, measured using the combined ratio, improved for seven of the 10 main groups in the past year. MAPFRE shares fourth place with Aviva, with a ratio of 95.7 at the close of 2014.

This is the eleventh version of the ranking that Fundación MAPFRE prepares annually, in line with the gross premium volume (direct insurance plus accepted reinsurance) that each of the groups recorded in 2014 for Non-Life business from all countries that they operate in. Groups whose main line of business is reinsurance are not included.

After several years of being included in this study, the Dutch group Achmea (formerly Eureko) has been excluded from this year’s ranking due to the specificity of its business composition compared to the other groups. 77 percent of Achmea’s Non-Life premium volume comes from Health insurance in Holland, a country where private insurance companies manage Public Health System coverage. For other insurers, this revenue does not constitute a significant part of total income. In 2014, Achmea earned 17,293 million euros in Non-Life premiums.

The sum of operating results (before taxes and minority interests) in the Non-Life business for the eight main European insurance groups registered growth of 6.6 percent in 2014.

Non-Life result(*) 2013/2014
Group2013% Premiums2014% Premiums% change 2014/2013
ALLIANZ5.56312%4.97610%-10,6
AXA3.31510%2.9969%-9,6
ZURICH2.3579%2.63110%11,6
GENERALI1.5137%1.6628%9,8
MAPFRE1.1947%1.3328%11,6
COVÉA6516%1.28912%98,0
AVIVA5685%9468%66,5
RSA-239751%
TOTAL14.92212.9076,6

Source: Fundación MAPFRE. Prepared internallybased on annual reports

(*)Result before tax and minority interest

In addition to this ranking, Fundación MAPFRE has also published the ranking for total premiums of the main European insurance companies. In this classification, MAPFRE remains in tenth place, with premium volume of 22,401 million euros. In total, the grouping of the ten main insurance companies generated premiums of 449,279 million euros in 2014, an increase of 5.1 percent against the previous year.

Ranking of the largest European insurance groups by premium volume 2014

GROUPCOUNTRYTOTAL PREMIUMS
20132014% Ch.
1AXAFrance85.48186.2670,9
2ALLIANZGermany72.05173.8832,5
3GENERALIItaly65.88170.4306,9
4PRUDENTIALUnited Kingdom35.88240.90214,0
5ZURICHSwitzerland39.07139.4941,1
6CNP ASSURANCESFrance27.41930.53611,4
7CRÉDIT AGRICOLE ASSURANCESFrance25.70129.37714.3
8TALANXGermany28.15128.9943,0
9AVIVAUnited Kingdom25.92226.9964,1
10MAPFRESpain21.83622.4012,6
TOP 5 TOTALS298.367310.9764,2
TOP 10 TOTALS427.395449.2795,1

 Millions of euros

Source: Fundación MAPFRE. Prepared internally based on annual reports from insurance groups

The full ranking can be viewed at the following links