MAPFRE has reported a substantial 46% increase in its net result for the first half of 2024, reaching €462m.
This impressive growth is primarily attributed to enhanced contributions from key regions including the United States, Spain, and the reinsurance sector.
North America has been a standout performer, with a notable €58m improvement in its results, driven by strategic technical measures. The United States has been particularly influential, contributing significantly to this uplift.
In Iberia, MAPFRE saw a 37% increase in results, amounting to €168m. This region continues to perform well, buoyed by solid growth in premiums, particularly in Spain where they hit €5.1bn, and Portugal, which experienced a remarkable 84% growth in premiums.
Latin America (LATAM) remains the Group’s largest profit contributor, delivering €203 million. Brazil is a major player in this success, with a net result of €121 million. Despite a slight dip in premiums due to currency depreciation, Brazil’s performance is supported by improved technical results and financial contributions.
MAPFRE RE, encompassing reinsurance and global risks, also posted solid growth. Its net result reached nearly €140 million, reflecting a 15% increase. The improved combined ratio and financial result have been pivotal in this performance.
The Group’s adjusted Return on Equity (ROE) stands at 11.6%, with shareholders’ equity holding steady at over €8 billion. Under new international accounting standards IFRS 17 & 9, the net result shows a 64.5% increase to €494m, and ROE is recorded at 10.4%. Shareholders’ equity under these standards reaches €8.5bn.
MAPFRE’s total premiums grew by 5.5%, with Non-Life premiums increasing by 6.5%, surpassing €15.1 billion.
Revenue for the first half of the year stands at over €17.7 billion. The combined ratio for Non-Life insurance improved by 1.3 percentage points to 95.7%, accompanied by a 12% increase in the financial result.
In Iberia, Non-Life premiums rose by 6.4%, driven by General P&C and Accident & Health lines. Although the Auto business faces challenges with a combined ratio of 106.1%, the overall performance remains strong, with net results reaching €167.9 million.
LATAM’s performance is led by Brazil, which reported a significant improvement in the Non-Life combined ratio to 77.0%. The rest of the LATAM region also performed well, with premiums up 11.8% and a net result of €82 million. Noteworthy contributions came from Mexico and Peru, despite hyperinflation impacts in Argentina.
North America posted a marked turnaround with a net result of €40.8 million, reversing previous losses. The region’s Non-Life combined ratio improved to 99.3%, benefiting from favourable weather and tariff adjustments.
In the EMEA region, premiums increased by 11.9%, though the area still contends with challenges in the Auto sector.
Turkey’s performance mitigated some inflation impacts, while the overall regional loss improved from €13.8 million to €7.9 million.
MAPFRE RE’s premiums grew by 5.5%, with reinsurance contributing €3.3 billion and global risks accounting for over €1 billion.
The combined ratio for MAPFRE RE improved to 95.1%, supported by recovering tariffs and a lack of significant catastrophic events, apart from the flooding in Brazil which had a €41 million net impact.
