MAPFRE's investment area achieves a record profit thanks to the boost from sales
MAPFRE Inversión, the business area that encompasses the investment services provided by the Group to its customers, recorded a profit of 42.7 million euros in 2021, up by 17% percent year on year. Sales revenue grew by 16% compared December 2020, while total operating expenses only rose by 12%.
This positive result, the highest in its history, is based on the performance of its funds and the boost in commercial activity. As a result, MAPFRE's investment fund underwriting and transfers have performed well, with net inflows amounting to 384 million euros, 98% higher than in the previous year. Within this group, it is worth highlighting the interest aroused by products that meet environmental, social and environmental criteria (ESG). Current assets in this segment total 613 million, up 50.9%, of which 332 million correspond to retail customers, a niche that has increased by 43.9%.
In turn, the company's commitment to long-term savings and especially on pension funds during the year partially offset the 42% drop in contributions to individual pension funds, as a result of the tax changes. “2021 was a very positive year for MAPFRE and its customers. MAPFRE AM's socially responsible investment philosophy enabled MAPFRE AM to close the year with high returns, with many of the funds reaching more than 20% for the year. In mutual funds, pension plans and unit-linked funds, volume growth has outpaced the market,” says José Luis Jiménez, MAPFRE's Group Chief Investment Officer.
In terms of customer assets of MAPFRE Gestión Patrimonial, the area that offers financial investment solutions, it is worth noting the 44% growth, to almost 1.3 billion euros. “The combination of an extensive network of offices and professionals, along with digital capabilities, have allowed for greater interaction with customers,” Jimenez added.
The different areas face new challenges for 2022. For MAPFRE AM, the largest non-bank fund manager in Spain with nearly 40 billion in assets, internationalization and co-investment with institutional investors are the main focuses. While MAPFRE Gestión Patrimonial will continue to open new offices, increasing the number of agents and promoting digital services, among other projects.