Mapfre (MAP) Q4 2024 earnings summary

Executive summary

• Attributable net result reached €902 million, up 30% year-over-year, after a €90 million goodwill writedown in Verti Germany.

• Premiums grew 4.5% to €28.1 billion, with revenue at €33.2 billion and advances in nearly all business lines.

• Adjusted ROE reached 12%, and shareholders' equity increased 5.4% to over €8.5 billion.

• Dividend for 2024 set at 16 cents per share, the highest in company history, up 6.7% from the previous year.

Financial highlights

• Net result (excluding goodwill writedown) was €992 million, up 29% year-over-year.

• Combined ratio improved by 2.8 points to 94.4%, driven by technical improvements and lower catastrophic claims.

• Non-Life technical result improved by over €490 million gross, with notable underwriting gains.

• Investment portfolio grew 4% to €45.7 billion, with a 19.3% increase in corporate fixed income.

• Solvency II ratio stood at 202.4% as of September 2024, up from 199.6% at December 2023.

Outlook and guidance

• Optimism for 2025, with continued focus on growth and technical excellence as part of the Strategic Plan.

• Dividend policy reflects commitment to shareholder value and ongoing profitability.