Insurer AMA—Agrupcion Mutual Aseguradora—a mutual insurance company for health professionals—reported a gross profit of 3.4 million euros last year, representing 2.5% of reinsurance net premiums earned, and an insurance result of 4 million, up 25% . More than in the previous year, as revealed in the General Assembly that the insurance group held this Thursday at its headquarters in Madrid.
Faced with a slowdown in activity caused by the war in Ukraine and its adverse effects on the world economy, mutual notes have achieved “decent” results over the past year. This, in the words of its president, Diego Murillo, has allowed the firm to “remain the benchmark in the insurance sector for health businesses”. The data presented this Thursday includes a negative adjustment in the accounting result of 4.5 million euros, so if said adjustment had not been made, the firm says profit would have risen to 7.9 million euros.
The mutual insurance company for health professionals thus confirms the sector’s return to the path of profitability after the coronavirus crisis: the Spanish insurance sector endured the crisis last year and exceeded the premium income recorded in 2019. for the pandemic. Last year it billed 64,673 million euros, up 0.8% from 64,155 million before Covid and up 4.65% from 2021, according to provisional data from the Cooperative Investigation of Insurance Entities by insurance employer Unespa at the end of January. As per the report submitted herewith. ICEA).
The products making up the AMA portfolio rose slightly, 0.7%, to reach a figure of 1,142,616, while the number of policyholders already exceeds 1,100,000. “The data are extraordinary and highlight the immense effort and success of the policies implemented during these years, which have served to position AMA among the companies with the largest launches,” Murillo said during the assembly.
The area of professional civil liability, a fundamental issue for health professionals, increased by 4.7%. The company states that in this segment, AMA has established itself as a benchmark in the sector. On the downside, income from premiums earned from direct insurance was 164.2 million euros, a figure representing a decrease of 4.1% compared to the previous year.
Health professionals continue to lead mutual insurance groups, ending 2022 with a solvency ratio of 222%, as per the Solvency II criteria. The policyholders of AMA Vida and the increase in premium were also appraised in the meeting. At the end of 2022, the company has 282,388 policyholders as compared to 236,963 last year, representing a growth of 19.1% over 2021.
“In short, our Matua has been able to adapt to great difficulties to achieve the best results, despite the tough and highly competitive environment, even with aggressive exercises,” Murillo stressed. Looking to the future, the insurer’s chairman declared that the entity will continue to bet on digitization, complementing traditional sales and communication channels, expanding the network so as to serve a large number of professionals with excellence.
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