Mutua Madrileña, S.A. also known as La Mutua, is by its joint venture with Vida Caixa, the largest Spanish
insurance company
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
as both Vida Caixa and Mutua Madrileña occupy the first and third position (respectively) of the Spanish Insurance Company Ranking in 2020 by GWP (Gross Written Premium). Founded in 1930, it provides life, automobile, health, and accident insurance, as well as pension and investment funds.
It has an international footprint in Colombia and Chile since 2019 with the acquisition of 45% of Seguros del Estado (Colombia) and the acquisition and control of 60% of BCI Seguros (Chile), which are the second and first biggest companies in Colombia and Chile respectively.
In 2011, it bought 50% of SegurCaixa Adeslas, the leading health insurance company in Spain. With an investment of more than 1,000 million euros, the purchase became the largest bancassurance operation ever carried out in Spain.
Products
*Investment securities
*
Life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...
Formula One sponsorship
From the
2006 Spanish Grand Prix
The 2006 Spanish Grand Prix (officially the Formula 1 Gran Premio Telefónica de España 2006) was a Formula One motor race held on 14 May 2006 at the Circuit de Catalunya in Montmeló, Spain. It was the sixth round of the 2006 Formula One season ...
, the company sponsored the
Renault F1
Renault, a French automobile manufacturer, has been associated with Formula One as both team owner and engine manufacturer for various periods since 1977. In 1977, the company entered Formula One as a constructor, introducing the turbo engine ...
team. The Mutua Madrileña branding appeared on the race cars, drivers' suits and team clothing. This coincided with the company's new corporate image.
After the
2007 Formula One season, the company declared the move of the sponsorship from Renault F1 to
McLaren
McLaren Racing Limited ( ) is a British auto racing, motor racing team based at the McLaren Technology Centre in Woking, Surrey, England. The team is a subsidiary of the McLaren Group, which owns a majority of the team. McLaren is best known a ...
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Mercedes with
Fernando Alonso
Fernando Alonso Díaz (; born 29 July 1981) is a Spanish racing driver who competes in Formula One for Aston Martin in Formula One, Aston Martin. Alonso has won two Formula One World Drivers' Championship titles, which he won in and with ...
.
After the
2008 Formula One season
The 2008 FIA Formula One World Championship was the 62nd season of Formula One motor racing, recognised by the Fédération Internationale de l'Automobile (FIA) – the governing body of motorsport – as the highest class of competition for ...
, the company declared the move of the sponsorship from
McLaren
McLaren Racing Limited ( ) is a British auto racing, motor racing team based at the McLaren Technology Centre in Woking, Surrey, England. The team is a subsidiary of the McLaren Group, which owns a majority of the team. McLaren is best known a ...
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Mercedes back to Renault F1 with the return of
Fernando Alonso
Fernando Alonso Díaz (; born 29 July 1981) is a Spanish racing driver who competes in Formula One for Aston Martin in Formula One, Aston Martin. Alonso has won two Formula One World Drivers' Championship titles, which he won in and with ...
to Renault.
During the
2009 Formula One season
The 2009 FIA Formula One World Championship was the 63rd season of FIA Formula One motor racing. It featured the 60th Formula One World Championship which was contested over 17 events commencing with the on 29 March and ending with the inaugu ...
, Mutua Madrileña terminated its contract with Renault after the
Renault Formula One crash controversy
The Renault Formula One crash controversy, dubbed as "Crashgate" by some in the media, was a sporting scandal caused when Renault F1 driver Nelson Piquet Jr. deliberately crashed during the 2008 Singapore Grand Prix to give a sporting advanta ...
, in which Renault was found guilty of getting
Nelson Piquet Jr. to intentionally crash during the
2008 Singapore Grand Prix
The 2008 Singapore Grand Prix, formally known as the 2008 Formula 1 SingTel Singapore Grand Prix, was a Formula One race held on 28 September 2008 at 20:00 SST at the newly built Marina Bay Street Circuit in Marina Bay, Singapore. It was the 1 ...
, to help Alonso to win the race. The company will continue to sponsor Alonso.
In 2017, Mutua Madrileña was ranked 10th in the ranking published by the Merco Institute of the most responsible companies with the best corporate governance. In addition, Mutua Madrileña is the best company to work for in Spain, according to the latest annual ranking prepared by the magazine ''
Actualidad Económica
''Actualidad Económica'' () is a monthly business magazine published in Madrid, Spain. It has been in circulation since 1958.
History and profile
''Actualidad Económica'' was established in 1958, becoming the first business magazine in Spain. ...
''.
See also
*
Economy of Spain
The economy of Spain is a highly developed social market economy. It is the world's 12th largest by nominal GDP and the sixth-largest in Europe (fifth excluding Russia). Spain is a member of the European Union and the eurozone, as well as th ...
References
External links
Official website
{{DEFAULTSORT:Mutua Madrilena
Insurance companies of Spain
Companies based in the Community of Madrid
Financial services companies established in 1930
1930 establishments in Spain