MAPFRE, among the five largest european Non-Life insurance companies in 2014
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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
Group Country Non-Life Premiums % Δ Combined Ratio(*) %
2013 2014 2013 2014
1 ALLIANZ Germany 46.579 48.322 3,7 94,3 94,3
2 AXA France 32.002 32.872 2,7 96,6 96,9
3 ZURICH(**) Switzerland 27.397 27.558 0,6 98,0 97,3
4 GENERALI Italy 20.940 20.617 -1,5 95,6 93,8
5 MAPFRE Spain 16.278 16.409 0,8 96,1 95,7
6 TALANX Germany 15.412 15.845 2,8 97,1 97,9
7 ERGO Germany 11.316 11.291 -0,2 96,7 95,2
8 AVIVA United Kingdom 11.012 11.141 1,2 97,3 95,7
9 COVÈA France 10.750 11.171 3,9 100,0 98,3
10 RSA United Kingdom 10.748 10.310 -4,1 99,6 98,8
Total top 5 143.196 145.778 1,8
Total top 10 202.435 205.537 1,5

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
Group 2013 % Premiums 2014 % Premiums % change 2014/2013
ALLIANZ 5.563 12% 4.976 10% -10,6
AXA 3.315 10% 2.996 9% -9,6
ZURICH 2.357 9% 2.631 10% 11,6
GENERALI 1.513 7% 1.662 8% 9,8
MAPFRE 1.194 7% 1.332 8% 11,6
COVÉA 651 6% 1.289 12% 98,0
AVIVA 568 5% 946 8% 66,5
RSA -239 75 1%
TOTAL 14.922 12.907 6,6

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

GROUP COUNTRY TOTAL PREMIUMS
2013 2014 % Ch.
1 AXA France 85.481 86.267 0,9
2 ALLIANZ Germany 72.051 73.883 2,5
3 GENERALI Italy 65.881 70.430 6,9
4 PRUDENTIAL United Kingdom 35.882 40.902 14,0
5 ZURICH Switzerland 39.071 39.494 1,1
6 CNP ASSURANCES France 27.419 30.536 11,4
7 CRÉDIT AGRICOLE ASSURANCES France 25.701 29.377 14.3
8 TALANX Germany 28.151 28.994 3,0
9 AVIVA United Kingdom 25.922 26.996 4,1
10 MAPFRE Spain 21.836 22.401 2,6
TOP 5 TOTALS 298.367 310.976 4,2
TOP 10 TOTALS 427.395 449.279 5,1

 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

Ranking of the largest european Non-Life insurance groups 2014 (PDF, 188 KB)
Ranking of the largest european Non-Life insurance groups 2014 (PDF, 168 KB)
<em class=”doc”>MAPFRE, among the five largest european Non-Life insurance companies in 2014 (PDF)</em> (PDF, 231 KB)