Q4 2025 Mapfre SA Earnings Call Transcript
Key Points
- Mapfre SA (MPFRY) achieved a record net attributable profit of EUR1.08 billion, marking an increase of almost 20% from the previous year.
- Premiums reached an all-time high, exceeding EUR29 billion, up 20% year-on-year.
- The Non-Life combined ratio improved to 92.2%, the best in 15 years, with a significant reduction in the claim ratio to 65%.
- The company proposed a final dividend of EUR0.11 per share, a 15.8% increase, marking the highest dividend paid ever.
- Mapfre SA (MPFRY) maintained a strong capital base with a solvency ratio of 210% and shareholders' equity up over 5% to nearly EUR9 billion.
- Currency depreciations, particularly in the Brazilian real, US dollar, and Turkish lira, negatively impacted business volumes.
- Premium growth in euros was only 3.6%, though it would have been nearly 8% at constant exchange rates.
- The Life business in Colombia was affected by a negative impact from the loss company due to regulatory changes.
- In North America, premiums were down over 4% in euros due to US dollar depreciation.
- The company faced challenges in Mexico and Colombia due to regulatory changes, impacting VAT treatment and minimum wage increases.
Good morning, and welcome to Mapfre's full-year 2025 activity update. This is Felipe Navarro, Deputy General Manager of the Finance Area. We are pleased to have here with us Antonio Huertas, the Group Executive Chairman. He will make a few opening remarks and we'll give an overview of business trends and developments. Following to that, Jose Luis Jimenez, the Group CFO, will give us a brief overview of the IFRS figures, and we'll discuss the main financials under local accounting. I will walk us through the balance sheet and capital-related topics.
Before we begin, just a few reminders. Interpretation services are available, both here and online. So feel free to choose the language you prefer, either English or Spanish. At the end of the presentation, we will open up the Q&A questions can be made in either language.
I will now hand the floor over to Antonio Huertas.
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