Boada leaves the Pelayo presidency after 15 years in office

Relay at the head of Pelayo Mutua de Seguros. José Boada, who had been president of the company for 15 years, will leave his position after reaching the 65th birthday established by the statutes as the maximum age to hold this position. He will be replaced by a man of the house, Francisco Lara, until now CEO.

The vice president of the Pelayo group, Severino Martínez, will also leave his post when he turns 70, which is the maximum for this position according to the mutual bylaws. In his case, he will be replaced by Anna Birulés, current director of the group and president of the investment committee.

Both changes must be ratified at the meeting of mutualists, which will be held on March 11.

Boada and Martínez leave the group in a comfortable situation. Last year, the entity had a turnover of 481 million euros (somewhat less than in 2019, due to the pandemic) and with a net profit of 8.2 million euros, double that of the previous year, and more than one million customers .

The mutual’s available capital is 36 million euros and the solvency ratio is 2.8 times the required solvency capital.

Turnover from auto insurance, the most important for Pelayo, stood at 281 million euros, 6% less than in 2019. This decrease is a consequence of the policy of consolidating the portfolio, “as well as the policy of price containment that the entity has maintained with its members, according to the economic situation of the environment, “the entity explains in a statement.

Grupo Pelayo currently has 1,085 employees and 300 mutual assistance offices, in addition to a call center. The Group’s net profit (which also includes the Agropelayo subsidiaries and the life insurance company) reached 11.5 million euros, an increase of 115.9% compared to 2019.


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