Mapfre (MAP) Q2 2024 earnings summary

Executive summary

• Net result rose 47% to €462 million in H1 2024, driven by profitable growth and improved performance in underperforming segments, with strong contributions from LATAM, Iberia, North America, and reinsurance.

• Premiums increased 5.5% to over €15.1 billion, with revenue exceeding €17.7 billion.

• Combined ratio improved to 95.7% (-1.3 p.p.), with notable technical management improvements in Auto and solid business growth in reinsurance.

• Financial income for non-life up 11.6% to €401 million, supporting sustainable growth.

• All financial KPIs are in line with targets set at the March AGM.

Financial highlights

• Net result reached €462 million, up 47% year-over-year; ROE at 10.6% (11.6% excluding 2023 goodwill write-down).

• Premiums in Non-Life grew 6.5% to nearly €12 billion; Life premiums up 2%, with Life Protection growing over 10%.

• Non-Life combined ratio improved to 95.7% (-1.3 p.p.); Solvency II ratio at 197.7% as of March 2024.

• Net financial income increased 11.6% to €401 million.

• Shareholders' equity stable above €8 billion.

Outlook and guidance

• Expect continued premium and revenue growth in the second half of the year, with focus on high-margin segments and further improvement in combined ratios.

• Tariffs are being updated to match inflation and claim trends, especially in motor.

• Life business in Iberia and Brazil expected to maintain positive trends.

• Strategic plan aims for continued diversification by geography and business segment.