Mapfre accelerates exit of Turkish aid work

Mapfre accelerates exit of Turkish aid work

Mapfrey puts Finish your assistance business in Turkey. The group announced locally a few weeks ago its intention to leave this activity, encouraging the arrival of Signs of interest from many playerss by its subsidiary Tourist assistanceas recognized in the group for The Economist.

In the group they admitted to “conversations with a potential buyer” in recent days, coinciding with the publication of this in local newspapers Turkey’s RS Automotive Group has made some agreementwithout such an agreement yet, and in recent days the press itself refers to An alternative to throwing the shutter in operation.

based in Istanbul, Tourist assistance It currently has a fertile network of services consisting of More than 6000 suppliers Includes services such as tow trucks, lifeguards, rental cars, ambulances, home repair, hotels, agencies, expert reports, etc.

In Mapfre they specified that the decision to speed up the exit of these businesses in Turkey It does not affect in any way the rest of the activities that roll in the country. There works with Mapfre Sigorta, a local insurance subsidiary, It is independent of Tur Assist and will continue to operate normally to serve its employees, agents and all stakeholders.

to retreat Part of the review that the group decided to do in Aid activity in the world as a whole due to its deficient numbers. The assistance unit, which is already showing profitability, has in recent years applied deep surgery with Departure from 15 countries in the past 3 yearsuntil its existence was reduced to 30 compared to more than 40 originals.

It wasn’t the only split that affected him The strategic transformation adopted by the group in 2016, when he turned around From growth to focus on profitable expansion. From then until 2020, this roadmap led him to give up a 1,800 million business, but it was losing money.

The Strategic plan Designed before the invasion of Russia, Ukraine was committed to maintaining Pay “above 50%” and return on equity (ROE) “between 9 and 10%” during the 2022-2024 triennium.

After several years of adjusting its geographic footprint in favor of a goal that also seeks returns for shareholders, only a few margins will be left to adapt in aid such as Turkey and operations in Florida (USA) and Asia. His focus will now be, above all, on business development in Spain, the United States and Brazil, stimulating growth in Mexico, Germany, Puerto Rico and Peru and new aid and global risks.

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