Mapfre (MAP) Q4 2024 TU earnings summary

Executive summary

• Achieved record net profit of €902 million, up 30% year-over-year, after a €90 million goodwill writedown in Germany, with adjusted ROE at 12% and net profit up 30% year-over-year.

• Premiums reached a historic high of €28.1 billion, up 4.5% year-over-year (+6.6% at constant exchange rates), despite currency headwinds in Latin America.

• Board proposed the highest-ever dividend, totaling €0.16 per share, with a payout ratio of 55% and over €590 million distributed.

• Strategic plan execution is on track, with most financial targets met or exceeded, and strong focus on technical excellence and diversification.

• Return on equity (ROE) improved to 10.9% (+1.9 p.p.), or 12.0% excluding goodwill writedown.

Financial highlights

• Net profit under local GAAP was €902 million, up 30% year-over-year; IFRS net result was €968 million (+42.9% year-over-year).

• Combined ratio improved to 94.4% under local GAAP and IFRS, with Q4 combined ratio just over 93%.

• Shareholders' equity increased over 5% to €8.5 billion; solvency ratio at 202.4% as of September 2024.

• Non-life premiums grew 5.6% (7.6% at constant FX), reaching over €22 billion; life business grew 3% at constant FX.

• Total assets under management increased to €59.4 billion (+4.3% year-over-year).

Outlook and guidance

• Optimistic outlook for 2025, expecting further technical profitability improvements in auto and continued strong performance in reinsurance and global risks.

• Premium growth expected to remain robust, with ongoing tariff adjustments and focus on technical excellence.

• Strategic Plan 2024–2026 targets >6% growth (excluding Life Savings), ROE of 10–11%, and combined ratio of 95–96% (excluding extraordinary items and catastrophic events).

• Carbon neutrality in 15 countries and >95% ESG investments by 2026.