2020 will be remembered for the outbreak of COVID-19, the pandemic that suddenly triggered an unprecedented health, social and economic crisis all over the world. Its consequences have been devastating, not only in terms of the number of cases and deaths, but also because of the economic impact it has had on companies and the impoverishment of many sections of society. Today, although the most developed countries are in full recovery, in many parts of the world the vaccine has not been able to be administered on a massive scale, and the virus continues to advance, mutate, destroy and kill. It is therefore essential that countries and society alike become fully aware of the urgent need to eradicate this disease from all corners of the earth.
Last year, the Spanish economy suffered an 11% decline, the largest in the euro area and one of the highest in the OECD. Although 2021 points to a spirited GDP recovery (+6.4%), pre-pandemic levels are not expected to be reached until the end of 2022. This positive economic rebound is notably driven by the reaction of a European Union that has changed its strategy during this crisis, opting for a stimulus package for the recovery of its member countries, which is also unprecedented.
Our labour market, already fragile in itself, suffered a decline in employment of 622,600 workers (-3.1%) despite the containment measures adopted by the government, notably the furlough scheme, which had the support of all the social partners. On the other hand, the unemployment rate rose to 16.13%, the worst Active Population Survey figure since 2012.
On 14 March 2020, the Spanish Parliament approved the first state of alarm decree, which imposed restrictions on movements at local, regional and international levels, the confinement of a large part of the population and, as a direct or derived consequence, the cancellation of business activity in many sectors. These provisional measures had a positive effect in containing the rate of infection and thus preventing the collapse of a health system which at times reached its limits.
They were very intense months. In order to manage the different phases of de-escalation and the subsequent surge of the second wave, insurance companies sought solutions to respond to the unprecedented situations that arose throughout the year. At times, we had to respond in a matter of hours, always in close collaboration with the Social Security and the different Public Health Systems.
This report presents a selection of indicators that show how we adapted effectively to a very demanding year. The order of magnitude can be seen in the expenditure on social benefits, and transfers and subsidies made by Mutua Universal, which saw an increase of 83.83% compared to 2019, to 831.41 million euros, although the figure does not reflect the complexity, speed and restrictive conditions in which we met this demand.
Objectively, it has been a successful year, which we believe should be interpreted from two points of view:
- Mutua Universal's capacity to manage and react, demonstrated in our response to the challenge of the pandemic. At year end, we presented a very outstanding performance that also reflects a balanced budget and improvement in practically all indicators.
- Strategic vision and constant anticipation of trends and events, true to our commitment to contribute to the sustainability of the welfare state through innovation, rigour and investment.
Effectively addressing the situation required a great deal of talent, sacrifice and the collaboration of everyone. It was also essential to have first-class material and technological resources, and a flexible management structure capable of redesigning and implementing processes. Fortunately, Mutua Universal had been preparing for some time. Our rapid reaction demonstrates that in the preceding years we had been moving in the right direction and, as a result, we were possibly one of the most agile and efficient organisations in the sector in key actions.
When the pandemic hit, we had a solvent company, a renewed organisational model and significant investments in technology and equipment that helped a committed, capable and supportive team to achieve results that would have seemed unthinkable in other times.
The serenity with which we face each new situation defines and distinguishes the Mutua Universal team, whether it is in our adaptation to the first lockdown, in the precise planning and development of each phase of the de-escalation or in the rollback in the face of successive waves of contagion. And all this against a backdrop of extreme uncertainty.
We are privileged to work in an organisation with a social and non-profit purpose, which contributes to the well-being of the society around us, with the utmost professional and managerial rigour.
As I look back on an exceptional year, I would like to express my deepest gratitude to the 1,883 women and men of the Mutua Universal team. Through their sacrifice and intelligence, they have set an example of responsibility, professionalism and solidarity in every job, in every place, every day.
We are at the beginning of a decade that is likely to be historically significant due to the remarkable milestones and changes it will bring about. The states of the European Union have agreed that recovery should focus on the fight against climate change and the digitalisation of society and the economy.
If we want to be more efficient and ensure the viability of the social state in Europe, we must be aware of the real influence of digital transformation in practically all areas of our lives. Technology has changed the way we interact, communicate, work, play, shop, get information, manage our affairs, and so on. And how we diagnose, prevent and care for people's health, although we are still at the beginning of this transformation phase.
Mutua Universal pioneered the development of telemedicine more than 20 years ago, and we continue to move forward with determination and very significant tangible achievements. Today, we are in a position to provide digital coverage to all companies and all our protected workers (more than 1.4 million). The development of predictive solutions through the application of artificial intelligence to our huge database is also starting to become a reality. A reality which is steadily developing and expanding.
Consequently, we are confident that we will continue to contribute to the well-being of our protected population and the competitiveness of companies, as well as to the sustainability of the public-private partnership system with the Public Health Service. We are optimistic about the future, largely because we are confident that the digital disruption we are promoting will have a highly positive effect on the economic recovery of the sector, which must once again value its status as a net contributor to the Public Administration.
In such a complex year, a special mention must go to the Board of Directors and, in particular, to its President for the total commitment they have shown, once again, to Mutua Universal.
To all those who help us to keep this project moving forward day by day, I thank you from the bottom of my heart.
