MAPFRE’s Record-Breaking 2024 Results Lead to Revised Fitch Ratings
Following an outstanding performance in 2024, described as the most successful in its history, MAPFRE has had its outlook upgraded by Fitch Ratings from stable to positive. This revision reflects the re/insurer’s remarkable financial achievements.
Fitch has also affirmed MAPFRE’s issuer default rating at A- and its financial strength rating at A+. These ratings were influenced not only by the latest financial results but also by the company’s robust business profile, capitalization levels, and leverage.
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Looking beyond 2024, Fitch projects a promising 2025 for MAPFRE. This positive outlook is attributed to strategic corrective actions taken across the company’s primary business segments and geographic markets. Fitch expects profitability to remain robust, with MAPFRE likely to achieve its combined ratio target of approximately 96% to 95% in 2025, barring any significant catastrophic events.
For 2024, MAPFRE reported an attributable result of €902 million, marking a 30% increase following a €90 million goodwill write-down in Verti Germany. Total earnings soared to €992 million, a 29% rise from the previous year.
Premiums experienced a growth of 4.5%, exceeding €28.1 billion, with a 6.6% increase at constant exchange rates, while total revenue approached nearly €33.2 billion. During the first half of the previous year, premiums reached €15.15 billion, surpassing the €14.35 billion recorded in the same period in 2023.
CEO Antonio Huertas expressed optimism for the future, stating, “We are starting 2025 full of optimism and with the confidence that we will continue creating value.”
Fitch’s assessment of MAPFRE’s business profile highlights its strength due to dominant market positions, especially in Spain and Latin America. The company’s diverse geographic presence and business lines contribute to the stability of its results.
Specifically, in Iberia, earnings rose to €367 million, increasing by €6 million. Excluding the impact of the Bankia arbitration in 2023, earnings growth would have surpassed 17%.
Fitch also noted MAPFRE’s strong capital position, citing a Solvency II ratio of 202% at the end of September 2024, an improvement from 199.6% at the close of 2023. The agency considers this level of capitalization to be very robust.
