MAPFRE chair and chief executive Antonio Huertas (pictured) has unveiled the insurer’s strategic direction for 2024 to 2026. Drawing upon MAPFRE’s 90-year history, the plan seeks to position the company for success in a rapidly evolving market landscape and enable it to leverage upcoming business opportunities.
Newly set goals presented during the MAPFRE annual general meeting include aiming for a minimum 6% average revenue growth over the next three years to surpass €32 billion in premiums; targeting an 11% return on equity for 2026; achieving a combined ratio between 95% and 96%; expanding the number of countries with a carbon-neutral footprint to 15; ensuring that at least 95% of the total investment portfolio aligns with ESG (environmental, social, and governance) criteria; and attaining a minimum of 34% female managerial representation by 2024, with subsequent annual increases of one percentage point.
Huertas stressed the importance of pursuing growth and better results in this new phase, highlighting the strategy to explore new distribution channels across key markets like Spain, Brazil, the US, Mexico, and Germany. Additionally, the company plans to diversify its life insurance offerings to enhance portfolio balance, with bancassurance expansion an area of focus.
To meet its ambitious goals, particularly the average combined ratio of 95% to 96% over the coming three years, Huertas admitted that MAPFRE needs to undertake a “very intense” effort. Meanwhile he reassured that the company’s sustainability strategy remains unchanged, focusing on the seamless integration of sustainable practices into business operations.
Huertas outlined the strategic priorities that would drive MAPFRE’s growth, including boosting competitiveness in auto insurance, expanding life protection and retirement product offerings, and enhancing the commercial lines segment. Other focal points include strengthening the reinsurance unit, refining the company’s risk appetite, and boosting talent development and cultural identity under the “We are MAPFRE and we act” banner.
In his address, Huertas conveyed confidence in MAPFRE’s strong financial standing, low debt levels, and high solvency, affirming the insurer’s growth trajectory and commitment to profitably capitalizing on growth opportunities. He also emphasized the preservation of core values such as financial stability, customer service excellence, trust-based relationships, commitment to ethical and social responsibilities, and thorough consideration of all stakeholders.
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