MAPFRE has published its full year results for 2024, with CEO Antonio Huertas (pictured) touting it as the “best in the company’s history.”
“We are starting 2025 full of optimism and with the confidence that we will continue creating value,” Huertas said.
The company reported an attributable result of €902 million for 2024, reflecting a 30% increase after applying a €90 million goodwill write-down in Verti Germany. Total earnings reached €992 million, marking a 29% increase from the previous year.
Premiums grew by 4.5% to over €28.1 billion, with a 6.6% increase at constant exchange rates. Total revenue stood at nearly €33.2 billion.
The company also saw improvements across most business lines, with the combined ratio in the non-life segment improving by nearly three percentage points to 94.4%. Recurring financial results also contributed, increasing by 5.5%.
Adjusted return on equity (ROE) reached 12%, and shareholders’ equity increased by 5.4% to exceed €8.5 billion. Under international accounting standards IFRS 17&9, the attributable result was €968 million, an increase of 42.9%. ROE stood at over 11.1%, while shareholders’ equity reached nearly €8.9 billion.
The first half of the previous year saw it reaching €15.15 billion in premiums, higher than the €14.35 billion MAPFRE posted in the same period in 2023.
By region, Iberia’s earnings grew to €367 million, an increase of €6 million. Excluding the impact of the Bankia arbitration in 2023, earnings growth would have exceeded 17%.
North America posted a €99 million increase in results, consolidating the technical improvements implemented. Latin America, including Brazil, contributed €408 million to Group profit, up €34 million from the previous year.
MAPFRE RE, which includes the reinsurance and global risks businesses, reported record earnings of €325 million, an increase of €81 million.
MAPFRE’s financial performance led to an increase in the final dividend to 9.5 cents gross per share, bringing the total dividend for 2024 to 16 cents per share, a 6.7% increase from the previous year.
In addition to its historic results, the board of directors has also approved several executive changes.
Fernando Mata Verdejo will resign from the board of directors of MAPFRE S.A. on March 14, upon the expiration of his term. He will remain chief financial officer of the group until March 31, when he will end his executive role but continue to be involved with MAPFRE through its subsidiary boards.
José Luis Jiménez Guajardo-Fajardo has been appointed to the board of directors of MAPFRE S.A., effective March 14. He will assume the role of group CFO on April 1.
Juan Bernal Aranda will take over as MAPFRE’s chief investment officer, effective April 1.
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