Q4 2024 Mapfre SA Earnings Call Transcript
Key Points
- Mapfre SA (MPFRF) posted the highest level of profit in over a decade, with a net profit of EUR902 million, up 30% from the previous year.
- The company achieved a record EUR28 billion in premiums, marking a 6.6% increase at constant exchange rates.
- Mapfre SA (MPFRF) maintained a strong capital base with shareholders' equity up over 5% to EUR8.5 billion and a Solvency II ratio at 202%.
- The company proposed the highest dividend in its history, with a total payout of EUR590 million, reflecting a 55% payout ratio.
- Mapfre SA (MPFRF) demonstrated strong performance across various regions, with notable profitability in LATAM and North America, and a solid result from its reinsurance and global risk businesses.
- Currency depreciation, particularly in Latin America, negatively impacted growth figures, reducing the real growth rate to 4.5%.
- The auto business in Iberia faced challenges, with a combined ratio of 105.4% due to increased costs and changes in compensation scales.
- The EMEA region continued to be challenging, with losses reduced but still significant at around EUR30 million.
- The life business saw a decline in premiums by 5% in Iberia, affected by slower sales activity and exceptional issuance in savings in 2023.
- The company recorded a EUR90 million impairment of goodwill in Germany, impacting the overall financial results.
Good afternoon and welcome to Mapfre Full Year 2024 activity update. This is Felipe Navarro, deputy general manager of the Finance. We want to welcome those who have joined us in person today as well as everyone online.
It is a pleasure to have Antonio Huertas, Mapfre's CEO here with us today. He will make a few opening remarks and will give an overview of the business trends and developments. Later, Fernando Mata, the group CFO, who will comment the main financials and Jose Luz Jimenez, the deputy CFO who will walk us through the balance sheet and capital topics.
We will discuss local accounting figures and we'll give a brief overview of IFRS 17 and 9 figures at the end before we begin, just a few reminders. First, interpretation services are are available both here and at home, 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 for those of you who are here with us today. You can
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