Q1 2025 Mapfre SA Earnings Call Transcript
Key Points
- Mapfre SA (MPFRF) reported a solid growth in premiums, up 5.4% to EUR8.6 billion, with a nearly 6% increase excluding Life Savings.
- The Non-Life combined ratio improved to 94%, with significant reductions in claims and expense ratios.
- Net result increased by nearly 28%, reaching EUR276 million, with an adjusted ROE of 12.8%.
- Strong performance in Iberia, with a 66% increase in contribution to EUR121 million, driven by improvements in the motor combined ratio and diversified business mix.
- LATAM region showed excellent profitability with a 25% increase in total result to EUR118 million, supported by strong contributions from Brazil, Mexico, Peru, and Colombia.
- Currency volatility, particularly in Latin American markets, is affecting the top line, with a nearly 3-point drag on premiums.
- The California wildfires resulted in a significant claim, with a net impact of EUR85 million on MAPFRE RE.
- Life business premiums are down 1.5% in euros, impacted by currency depreciation, particularly the Brazilian real.
- In Brazil, premiums are down 12% in euros due to currency impact, with business volumes flat at local currency.
- The EMEA region, while improving, still faces challenges with a combined ratio significantly down from 124% to 112%.
Good afternoon and welcome to Mapfre's activity update for the first quarter of 2025. This is Leandra Clark, Head of Investor Relations. Thank you for joining us today. We have here with us Jose Manuel Inchausti, First Vice President of Mapfre, who will make a few opening remarks and will give an overview of recent business trends. Later, Jose Luis Jimenez, the group's CFO, will comment on the main financials. And Felipe Navarro, Deputy General Manager of the finance area, will walk us through the balance sheet in 2024 embedded value figures which were also released this morning on our website.
Just as a reminder, this information is prepared under the local accounting policies applicable in each country. You can use the Ask-a-Question link at any point during the call, and we will open up the Q&A at the end of the presentation. I will now hand the floor over to Jose Manuel Inchausti.
Thank you, Leandra.
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