MAPFRE unveils interim financial results

MAPFRE unveils interim financial results | Insurance Business America

Insurance News

MAPFRE unveils interim financial results

CEO points to company’s strategic plan

Insurance News

By
Terry Gangcuangco

Insurer MAPFRE has published its financial results for the first half of 2024.

Here’s how the company performed in the period, based on homogenized local accounting:

Metric

H1 2024

H1 2023

Revenue

€17.72 billion

€17.03 billion

Premiums

€15.15 billion

€14.35 billion

Net result

€461.6 million

€317.0 million

Combined raio

95.7%

97.1%

Of the premiums, €11.97 billion came from non-life while life contributed €3.17 billion.

Lifting the lid on the numbers, MAPFRE highlighted: “The intense improvement in profit mainly results from the higher contribution of the United States, Spain, and the reinsurance business. North America posts a relevant improvement in the result (+€58 million) thanks to the technical measures implemented. Iberia’s result grows 37%, reaching €168 million.

“MAPFRE RE, which includes the reinsurance and Global Risks businesses, posts solid business growth, increasing its result to almost €140 million (+15%). LATAM, led by Brazil, is the highest contributor to the group profit with €203 million.

“The adjusted ROE (return on equity) reaches 11.6%, and shareholders’ equity remains stable, surpassing €8 billion. The improvement in non-life continues, with a reduction in the combined ratio (-1.3 p.p.) to 95.7%, and a 12% increase in the financial result.”

Meanwhile, MAFRE chair and chief executive Antonio Huertas (pictured) pointed to the firm’s strategic plan.

“The second quarter confirms the trend we are aiming for with the new strategic plan,” Huertas said. The adjusted ROE is over 11%; we are growing profitably and solidly in the majority of countries and in all business units. We continue to improve the company’s combined ratio, adapting the auto line in the markets where there are still complications.”

Under new international accounting standards IFRS 17 and IFRS 9, MAPFRE’s net result in the first half is €494 million.

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