It improves compared to 2020 year-end and remains within the target range
MAPFRE has informed the General Directorate for Insurance and Pension Funds of an update of its solvency position as on September 30, 2021. Following recommendations from the Spanish supervisor, the Solvency Capital Requirement (SCR) continues to be calculated quarterly as a result of the COVID-19 crisis.
The current and previous quarters’ figures are detailed below for comparison purposes:
MAPFRE Group Solvency II ratio stands at 193.8% as of September 2021, compared to 192.9% at the end of December 2020, including transitional measures. This ratio would be 181.0% excluding the effect of those measures. Eligible own funds reached 9.3 billion euros during the same period, of which 87.0% are of high quality (Tier 1).
The ratio remains highly stable and solid, backed by high diversification and strict investment and ALM policies. Variations in the ratio reflect the fluctuations intrinsic to the management of the insurance business as well as the variations associated with the different investment portfolios, both of which are in line with the Group’s risk appetite.
The Solvency position remains within the tolerance range established by the company of 200 percent +/- 25 points.