In This Article:
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Net Profit: EUR902 million, up 30% after accounting for EUR90 million impairment.
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Adjusted ROE: 12%.
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IFRS Net Result: EUR968 million.
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Combined Ratio: 93%.
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Premiums: Over EUR28 billion, up 6.6% at constant exchange rates.
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Shareholders' Equity: EUR8.5 billion, up over 5%.
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Solvency II Ratio: 202% as of September.
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Total Dividends Paid: EUR0.16 per share, amounting to over EUR590 million.
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Dividend Payout Ratio: 55%.
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Iberia Net Profit: EUR367 million, up 6%.
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LATAM Premiums: Close to EUR10 billion.
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North America Profit: EUR98 million.
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MAPFRE RE Net Profit: EUR325 million, up 33%.
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General P&C Premiums: Up 1.5%, combined ratio improved to 80.9%.
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Auto Combined Ratio: Improved by 1.4 points to 104.6%.
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Life Business Contribution: EUR183 million.
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Cash Flows Upstreaming: Over EUR700 million.
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Assets Under Management: Over EUR59 billion, up 4%.
Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Mapfre SA (MPFRF) posted the highest level of profit in over a decade, with a net profit of EUR902 million, up 30% from the previous year.
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The company achieved a record EUR28 billion in premiums, marking a 6.6% increase at constant exchange rates.
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Mapfre SA (MPFRF) maintained a strong capital base with shareholders' equity up over 5% to EUR8.5 billion and a Solvency II ratio at 202%.
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The company proposed the highest dividend in its history, with a total payout of EUR590 million, reflecting a 55% payout ratio.
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Mapfre SA (MPFRF) demonstrated strong performance across various regions, with notable profitability in LATAM and North America, and a solid result from its reinsurance and global risk businesses.
Negative Points
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Currency depreciation, particularly in Latin America, negatively impacted growth figures, reducing the real growth rate to 4.5%.
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The auto business in Iberia faced challenges, with a combined ratio of 105.4% due to increased costs and changes in compensation scales.
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The EMEA region continued to be challenging, with losses reduced but still significant at around EUR30 million.
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The life business saw a decline in premiums by 5% in Iberia, affected by slower sales activity and exceptional issuance in savings in 2023.
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The company recorded a EUR90 million impairment of goodwill in Germany, impacting the overall financial results.
Q & A Highlights
Q: What are the expectations for the motor insurance portfolio in Iberia, considering the drop in the fourth quarter? Are you expecting stability in 2025, or will you continue to lose clients? What are the average increases in premiums expected for 2025? A: Antonio Huertas Mejias, CEO: We remain optimistic about our portfolio retention capacity in Spain. We are adjusting premiums conservatively and adapting them on a bespoke basis. The portfolio loss of about 1% in 2024 was expected, as it involved profiles we don't want. We anticipate stabilizing in the first half of 2025. The average premium grew by 9%, and future adjustments will be based on market conditions.