On February 29, we received corporate leaders from Iberdrola at MAPFRE Corporate University, on the Monte del Pilar Campus, with whom we discussed their transformation process, focusing on the current energy transition and the commitments undertaken in sustainability.
On behalf of MAPFRE, Bosco Francoy, Raúl Costilla and Mónica Zuleta were present, among others.
In an idyllic environment like the one at the Palace, Iberdrola talked about its situation of constant evolution and growth, its outstanding role in the global energy transition, its significant sustainability performance and the demanding commitments undertaken publicly in this field.
Following the initial presentations by Raúl Costilla, General Manager of the Corporate Business Department and Bosco Francoy, CEO of MAPFRE Global Risks, on MAPFRE, Borja Millán, a member of the Investor Relations, Fixed Income and Agencies team at Iberdrola, took the floor.
On one hand, much of the morning was devoted to strategy and the importance of sustainability and the implementation of ESG values. Iñigo Olaizola, Head of ESG Information Planning, Analysis and Reporting at Iberdrola, detailed the roadmap in sustainability driven by commitment to the energy transition and the environment, the fight against climate change and contributing to SDGs 7 (affordable and non-polluting energy) and 13 (action on the climate), specifically. “All of this is no longer just a message. The economy has to be electrified and this is a big challenge.”
For her part, Mónica Zuleta, Corporate Director of Sustainability, also developed in depth the commitments undertaken by MAPFRE in terms of sustainability and ESG values and did not miss the opportunity to reveal the main achievements of 2023. She also mentioned the MAPFRE Residuo Zero [Zero Waste] project and the Second Life project, intended for the used batteries of electric vehicles, which has taken shape with CESVIMAP.
As a closing, she emphasized the importance of incorporating these sustainability values into the business, fairly and with the customer at the center: “At MAPFRE we believe in achieving a fair transition. Decarbonization isn’t going to happen overnight, so you have to accompany the customer. Our motto appeals to accountability in doing our part and we’re on that path.”
After the lunch break, a guided tour was carried out at the Sacred Art Museum of Venancio Blanco located in the palace itself.
In the afternoon, the debate focused on Iberdrola’s corporate insurance programs and future needs as a result of this context of constant evolution and growth of the Company.
María Ortiz de Guinea, Casualty, FINPRO and Legal, commented that at Iberdrola the progressive electrification of energy uses is making it possible to expand Iberdrola’s customer base and offer them smart and innovative solutions in the residential and industrial fields. She pointed out that some of these solutions may constitute specific lines of business with more discrete figures “at the moment” and “whose exposure would need to be re-evaluated specifically.” Thus, she said that “in this area there are ambitious growth plans that we will need to pay attention to.”
As a conclusion, she mentioned the good loss ratio as an added value to the MAPFRE-Iberdrola alliance: “We have a very good loss ratio record and this is not the result of chance. This is because we know how to do things.”
Then there was an enriching conversation in which the following took part: José Antonio Ruibal, Deputy General Manager of Underwriting, José Carlos Nájera, Deputy General Manager of Claims, Alberto Mengotti, Director of Energy and Construction, Julien San Quirce, Deputy Manager of Civil Liability, Carlos Villanueva, Deputy Manager of Operations, Miriam Ruiz, Deputy Manager of the Captive Department, Francisco H. Pozo, Civil Liability Expert, Vicente Saucedo, Head of Electricity, Amparo Gasso, Electricity Expert.
Bosco Francoy shared the conclusions of the day in his closing remarks. He referred to Iberdrola as a “strategic partner,” and for this reason expressed the desire to “continue working at all levels,” defining this visit for MAPFRE as “a 360 view of the insurance program.”
He highlighted the fact MAPFRE puts its own capacity at risk in the Programs: “We are a Group that likes to bring our own capacity and face our responsibilities. We are interested and willing to continue to increase it in Iberdrola’s programs.”
He also made a point of referring to the ESG engagement: “It’s an obligation, a conviction and a need for us. The two groups do this by conviction and it’s one more encouragement to maintain this relationship.”
Cristina San-Sebastián, Head of Insurance of Iberdrola, stepped in to make a comment about the strength of the union: “Let’s take advantage of the important relationship that unites us to strengthen a long-term strategic alliance with the sustainability framework” and “let’s value the significant ESG performance to help each other, it’s a great opportunity.”
Bosco concluded with the aspiration to continue growing in the alliance and maintaining this long-term relationship: “We’ll get where we want to go with Iberdrola. We are very close; that moment will come and MAPFRE will take that step.”
