The insurer AMA —Agrupación Mutual Aseguradora—, a mutual insurance company for health professionals, registered a gross profit of 3.4 million euros last year, which represents 2.5% of the earned premiums net of reinsurance, and an insurance result of 4 million, 25% more than the previous year, as revealed in the general assembly that the insurance group held this Thursday at its headquarters in Madrid.
Faced with the slowdown in activity caused by the war in Ukraine and its adverse effects on the world economy, the mutual notes that it has obtained “decent” results during the past year. This, in the words of its president, Diego Murillo, has allowed the firm to “continue to be a benchmark in the insurance sector for the health professions.” The data presented this Thursday includes a negative adjustment to the accounting result of 4.5 million euros, so if said adjustment had not been made, the firm points out, the profit would have risen to 7.9 million euros.
The mutual insurance company for health professionals thus confirms the return to the path of profits in the sector after the coronavirus crisis: the Spanish insurance sector shelved the crisis last year and exceeded —by a little— the premium income it registered in 2019 , year prior to the pandemic. Last year it billed 64,673 million euros, 0.8% more than the 64,155 million before the covid and 4.65% above 2021, according to the report presented at the end of January by the insurance employer Unespa with provisional data from the Cooperative Investigation of Insurance Entities (ICEA).
The products that made up the AMA portfolio increased slightly, 0.7%, to reach the figure of 1,142,616, while the number of policyholders is already greater than 1,100,000. “Data that are exceptional and highlight the immense effort and the success of the policies implemented during these years that have served to place AMA among the companies with the greatest projection,” Murillo highlighted during the assembly.
The area of Professional Civil Liability, a fundamental issue for healthcare professionals, increased by 4.7%. In this segment, the company explains, AMA has established itself as a benchmark in the sector. On the negative side, income from earned premiums from direct insurance was 164.2 million euros, a figure that represents a decrease of 4.1% compared to the previous year.
According to the Solvency II criteria, the health professionals mutual continues to lead the insurance groups, ending 2022 with a solvency ratio of 222%. In the assembly, the growth in policyholders and premiums of AMA Vida has also been valued. At the end of 2022, the company had 282,388 policyholders compared to 236,963 the previous year, which represents a growth of 19.1% compared to 2021.
“In short, despite the difficult and tremendously competitive environment, even with aggressive practices, our Mutua has been able to adapt to the great difficulties to obtain the best results,” Murillo stressed. Looking to the future, the president of the insurer announced that the entity will continue to bet on digitization, complementing the traditional sales and communication channels, expanding the network to serve a greater number of professionals with excellence.
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