...- Mapfre's 2021 earnings will improve versus 2020 in the absence of one-off goodwill impairments and higher technical performance from property/casualty and reinsurance, but this will partly be offset by lower earnings from Latin America. - We forecast a combined ratio (profit and loss) at 93%-95% and return on equity of about 8%-10%, assuming that Mapfre's risk-based capital remains above the 'A' confidence level in 2021-2023. - We have therefore affirmed our issuer credit and insurer financial strength ratings on Mapfre Re, a core operating entity of the group, at 'A+'. - We also affirmed the ratings on the group's nonoperating holding company Mapfre S.A. and its senior unsecured bonds at 'A-', as well as its subordinated bonds at '###'. - The stable outlook reflects our expectation that Mapfre will remain focused on profitable growth, with solid technical performance and capitalization at least at the 'A' level, based on our capital model....
