January 15, 2021

Mutua Madrileña will freeze the price of 1.3 million of its automobile insurance policies

Mutua Madrileña will freeze the price of 1.3 million of its automobile insurance policies


Mutua Madrileña will freeze the rates of half of its car insurance policies this year, compared to the 33% it left intact in 2018, as announced this morning by its president, Ignacio Garralda. The measure will benefit some 1.2 million insurances, according to company sources. The insurer will also continue to bet on its policy of not touching the prices of the policies until the insured does not give at least four parts. Although this decision implies a greater siniestralidad, Garralda has explained that it is one of the hallmarks of the group and they are not willing to give it up.

Garralda has made these announcements during the presentation of results of the Mutual. Last year, its net profit amounted to 267 million euros, 6% higher than the previous year. The group's revenues advanced by 5.3%, reaching 5,270 million, and the number of policies increased by 5.1%, to 8.4 million.

In the group of non-life insurance, the most important in the group, the premium income of the Mutual increased by 4.8% to 5,046 million, compared to 4% in the sector. This growth has allowed the company to achieve for the first time the national leadership in Non-life. Mutua is also a leader in health insurance, third in auto insurance and first in the field of accidents. SegurCaixa Adeslas has a market share (29.6%) that doubles that of the second (15.7%).

As regards its asset management business, Mutuactivos consolidated its position as the first independent manager in Spain, with assets managed for a value of 6,551 million euros. Of these, 3,407 million were from customers, 6.7% more than in 2017. The results of this division, however, were impacted by the poor performance of the markets, so that their profit fell from 97.3 to 54.2 million euros.

Looking to the future, Garralda has assured that the company is studying the new forms of mobility that are increasing such as car-sharing or rent a car and the renting of individuals to do some operation. However, these are complex movements because, in some cases, they depend on very different municipal regulations, as he explained.

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