The company’s result exceeded €546 million, marking an 11.7% increase. Despite a €75 million goodwill writedown in the United States, the net result reached €471 million, experiencing a marginal decrease of 3.6%. The total revenue has seen a substantial uptick of 10.8%, reaching nearly €24.6 billion.
The IBERIA unit emerges as the standout performer, achieving an impressive growth rate of 17%. Meanwhile, LATAM contributes significantly to earnings, with net results soaring to €284 million. MAPFRE RE, the reinsurance arm, has doubled its result, reaching €190 million, showcasing robust growth.
Non-Life improvements are evident, with a lower combined ratio of 96.8%, down by 1.7 percentage points, accompanied by a notable 26% increase in the investment result. The Life result registers a 7% improvement, complemented by positive premium performance, which has surged by 20%, along with increased financial income.
In a strategic move, an interim dividend against the 2023 fiscal year has been announced, amounting to 0.06 euros gross per share. This mirrors the previous year’s dividend, resulting in a dividend yield of nearly 8%.
“Our business continues to show robustness, both in revenue and premium growth as well as in the result, based on a high level of diversification and ability to adapt to the context. MAPFRE is overcoming the difficulties presented by inflation, thanks to continuous improvement based on our technical management”, said Antonio Huertas, Chairman and CEO of MAPFRE.
Author: Joanna England
