Mapfre, S.A. (MPFRF) Q4 2024 Earnings Call Transcript

2025-02-12 17:57:05 ET

Mapfre, S.A. (MPFRF)

Q4 2024 Results Conference Call

February 12, 2025 06:30 AM ET

Company Participants

Felipe Navarro - Deputy General Manager of Finance

Antonio Huertas - CEO

Fernando Mata - CFO

Jose Luis Jimenez - Deputy CFO

Conference Call Participants

Francisco Riquel Correa - Alantra

Juan Pablo Lopez Cobo - Banco Santander

Presentation

Felipe Navarro

Good afternoon, and welcome to MAPFRE's Full Year's 2024 Activity Update. This is Felipe Navarro, Deputy General Manager of Finance area. 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 Luis Jimenez, the Deputy CFO, who will walk us through the balance sheet and capital topics. We will discuss local accounting figures and we will give a brief overview of IFRS 17 and 9 figures at the end.

Before we begin, just a few reminders, first, interpretation services 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 ask your questions in person, of course. [Operator Instructions]

I will hand the floor over to Antonio Heurtas. Please, Antonio?

Antonio Huertas

Good afternoon, everyone. Thank you, Felipe.

Before we discuss the key figures, which we are presenting under local accounting standards, as Felipe said, I would like to reflect on the past year. I'm pleased to present our results for 2024, which have been outstanding, posting the highest level of profit in over a decade. We are quite proud to highlight that we are meeting most financial targets set out in our current strategic plan and, in some cases, even surpassing them. This is proof of our successful execution of the strategic plan.

We continue to focus on technical excellence, while financial income remains a strong tailwind. We posted an excellent result of €992 million, the largest ever, and an adjusted ROE of 12%. After accounting for the €90 million impairment of goodwill in Verti Germany recorded in September, net profit was €902 million, up 30%. Figures under IFRS were also very solid with a net result of €968 million and a combined ratio of 93%.

Growth remains robust with premiums up 6.6% at constant exchange rates with more than €28 billion in premiums, our historic record. The growth was really 4.5%, affected by the depreciation of most Latin American currencies.

Non-Life technical profitability continues to improve with a combined ratio at 94.4% and a little over 93% in the fourth quarter. General P&C contributed the most to this reduction on the back of technical improvements as well as the absence of significant cat events....

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