Following its 2024 results described as the “best in the company’s history,” MAPFRE has now received revised outlooks from Fitch Ratings, shifting the re/insurer’s forecast from stable to positive.
Fitch also affirmed the re/insurer’s issuer default rating at A- and its financial strength rating at A+.
Beyond the latest financial results and earnings, Fitch noted that the ratings also consider the company’s business profile, capitalization levels and leverage.
As for its performance after 2024, Fitch in its report indicated expectations for a favorable year in 2025. The agency attributed this outlook to corrective actions implemented across the company’s key business segments and geographic markets.
Fitch said it anticipates profitability to remain strong and expects MAPFRE to meet its combined ratio target of approximately 96% to 95% in 2025, assuming no major catastrophic events.
For 2024, MAPFRE reported an attributable result of €902 million for 2024, reflecting a 30% increase after applying a €90 million goodwill write-down in Verti Germany. Total earnings reached €992 million, marking a 29% increase from the previous year.
Premiums grew by 4.5% to over €28.1 billion, with a 6.6% increase at constant exchange rates. Total revenue stood at nearly €33.2 billion.
The first half of the previous year saw it reaching €15.15 billion in premiums, higher than the €14.35 billion MAPFRE posted in the same period in 2023.
“We are starting 2025 full of optimism and with the confidence that we will continue creating value,” CEO Antonio Huertas (pictured above) said.
In its assessment, Fitch also cited MAPFRE’s business profile, describing it as very strong due to its market positions, particularly in Spain and Latin America, and the company’s geographic and business line diversification, which Fitch said contributes to the stability of its results.
Specifically, in Iberia, the company’s earnings grew to €367 million, an increase of €6 million. Excluding the impact of the Bankia arbitration in 2023, earnings growth would have exceeded 17%.
Fitch further commented on MAPFRE’s capital position, pointing to a Solvency II ratio of 202% at the end of September 2024, up from 199.6% at the end of 2023. The agency views this level of capitalization as very strong.
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