MAPFRE Overcomes Challenges for Record 2023
Leading insurance firm MAPFRE has announced impressive 2023 results, including €32.23bn in revenues, €26.91bn in premiums and €692m in earnings.
Coming towards a century of conducting business, Mapfre is the leading insurance company in Spain, the leading multinational insurance group in Latin America, in the top 10 insurance firms in Europe and the 17th largest reinsurer in the world.
“In 2023, we hit records in terms of premiums, and this strong growth is already translating into profitability, with the adjusted ROE close to 10%,” shares Antonio Huertas, Chairman and CEO of MAPFRE.
“MAPFRE is overcoming the challenges of the current context and continues advancing its business transformation. Furthermore, we reaffirm the commitment to our shareholders with a final dividend of 9 cents, proof of the strength of the Group’s results and financial position."
Huertas joined MAPFRE as an intern in 1988, working his way up the company to become Chairman and CEO in 2012. He holds a degree in Law from the Universidad Pontificia de Salamanca, and is also currently Member of the PEIF (Pan European Insurance Forum), Member of the EFR (European Financial Services Round Table) and Member of the Geneva Association Board of Directors.
Highlights of MAPFRE’s annual report
- The net result would have stood at €767m (+19.4%), without the €75m goodwill writedown in the United States.
- Premiums are up 9.7%, reaching nearly €27bn, the highest figure in the company’s history, while revenue grew 9.2%, reaching over €32.2bn.
- IBERIA is the unit with the highest premium growth, with an increase of 15.8%.
- LATAM, where net results soared to €373m, up 24%, is the main contributor to earnings.
- MAPFRE RE increases its contribution to earnings, reaching €245m (+71%), with solid business growth.
- The ROE stands at 9.9% excluding goodwill writedown in the United States (9% without excluding this impact)
- Shareholders’ equity grew over 10%
- The Board of Directors has agreed to propose to the AGM a final dividend against 2023 of 9 cents per share, 5.9% higher than the previous year.
- Under the new IFRS 17&9 international accounting standards, net income rose 20.2% (€677m), the ROE stood at 8.3% and shareholders' equity reached €8.5bn.
**************
Make sure you check out the latest industry news and insights at InsurTech Digital and also sign up to our global conference series - FinTech LIVE 2024
**************
InsurTech Digital is a BizClik brand
*************
