Mapfre, S.A. (MPFRF) Q1 2025 Earnings Call Transcript

2025-04-25 11:32:45 ET

Mapfre, S.A. (MPFRF)

Q1 2025 Earnings Conference Call

April 25, 2025, 06:00 AM ET

Company Participants

Leandra Clark - Head of Investor Relations

Jose Manuel Inchausti - First Vice President

Jose Luis Jimenez - Deputy CFO

Felipe Navarro - Deputy General Manager of Finance

Conference Call Participants

Juan Pablo Lopez Cobo - Banco Santander

Unidentified Analyst – Unidentified Company

Maksym Mishyn – JB Capital

Francisco Riquel Correa – Alantra

Alex Mackenzie - BNP.

Presentation

Leandra Clark

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 CFO will comment on the main financials and Felipe Navarro, Deputy General Manager of the finance area will walk us through the balance sheet and 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 and a at the end of the presentation.

I will now hand the floor over to Jose Manuel Inchausti.

Jose Manuel Inchausti

Thank you, Leandra. Good afternoon, everyone. Thank you for your time today. Let me share some of the highlights of the quarter before Jose Luis and Felipe walk you through the details.

Last year was a record year for MAPFRE, and I am happy to announce we have started 2025 in an excellent position with the first quarter figures in line with the updated targets we announced at the AGM.

As the chairman stated, these excellent results confirm our positive outlook for the year with improved ratios and more balanced sources of income and profit. Growth remains solid in most markets. Recent exchange rate volatility is affecting the top line, but premiums are still growing by 5.4%, reaching EUR8.6 billion. Excluding Life savings, which is a more volatile business, they are growing nearly 6% in line with our target.

Profitability continues to improve with the non-Life combined ratio at 94%, down nearly 2 points with significant reductions both in the claims and expense ratio. The net result is up nearly 28%, reaching EUR276 million euros with an adjusted ROE of 12.8%....

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