MMT Insurance Grows
MMT insurance held last Saturday his 79th General Assembly of Mutualists, in which its Chairman, Roman Rodriguez, took stock of the last financial year. Stressed, firstly, wide surplus in the solvency margin of the mutual, which was 516,8% minimum enforceable, thus fulfilling more than one of the main objectives marked for the purpose of successfully cope with the requirements of the compulsory minimum capital set by Solvency II, having reached the equity of 75,62 million euros, 115% of premiums charged. On the other hand, automobile insurance company said that net profit for the year was 1.05 million euros, below the amount of the previous year, due to the exceptional fact of impairment of the value of real estate. By contrast, remarked the increase of 7.2% in the premiums issued, up to 71.2 million euros, after two years of decreases and compared with negative rates of evolution of the whole of the sector in 2010. These results indicated the President, also have contributed have achieved the objectives set in terms of accidents to improve frequency and costs in relation to 2009 – and above all having obtained some financial income’s 5.1 million euros, representing 7.4% of premiums charged, with an average investment of 5.1% profitability. Finally, he again emphasized the freezing of tariffs to mutualists, with the exception of objective segmentation of certain risks, seeing improved as always depending on the good accident premiums, which allows a degree of retention of insured persons equivalent to 2009 as well. He also mentioned the increase in new business, both in cars and motorbikes, throughout the national territory. Objectives of the biennial strategic plan of MMT insurance: positive results and raise the solvency on the other hand, and coinciding with the celebration of the General Assembly, Rodriguez presented to mutualists the priority objectives set by the Board of directors within the Strategic Plan for 2011 and 2012.
It is based on two basic premises: positive results and raise more, if possible, the degree of solvency of the mutual. He said that the increase in the capacity for growth of the mutual, despite the economic crisis, bid for the loyalty of mutualist, based on the quality and intensity of the provision of the service, the acquisition of new business – through new channels of telephone sales and on-line sales – enable us keep growing throughout the Spanish geography. He also spoke of the need to reorganize and expand the traditional channel of their own offices, at the same time stressed that, in financial investment policy, it primary more quality than profitability, reaching similar figures in finance income. One final point referred to the need to adapt, as mutual legal entity that we are, all the policy and regulations, in particular, to the the requirements of Solvency II on its three main pillars.