MAPFRE raises its ROE and combined ratio objectives by one percentage point for the next two years

The MAPFRE Annual General Meeting approved the accounts for fiscal year 2024, the year in which the Group earned 902 million euros (+30%), as well as the total dividend for fiscal year 2024. Specifically, the Annual General Meeting approved the distribution of a total dividend of 0.16 euros gross per share (of which 0.065 euros gross have already been paid) while the remaining 0.095 euros gross per share will be paid in May of this year. “This dividend is not only the largest in our history – it will also continue growing year after year, as the Group’s results continue to improve,” said MAPFRE chairman and CEO Antonio Huertas.

Additionally, amendments to the bylaws and regulations of the Annual General Meeting were approved, mainly aimed at promoting the participation of all shareholders in company life and their participation in the Annual General Meeting.

The set of initiatives to promote participation also includes the payment to all MAPFRE shareholders of 0.0015 euros per share in the form of a participation dividend, with the quorum having exceeded 81%, in addition to the standard dividend.

The Annual General Meting also appointed José Luis Jiménez Guajardo-Fajardo, current deputy Group CFO, as executive board director, replacing Fernando Mata Verdejo, who has completed his term of office. Ana Isabel Fernández Álvarez was reelected as independent board director and Francisco José Marco Orenes as external board director, while José Luis Perelli Alonso was appointed as independent board director.

During the Annual General Meeting – which qualifies as a sustainable and carbon-neutral event, held under inclusive criteria and environmental protection – the chairman and CEO of MAPFRE, Antonio Huertas, reviewed the progress of the strategic plan for 2024-2026. He indicated that the first fiscal year of the plan was closed with near-total compliance across all indicators, while record figures were achieved in terms of revenue, premiums and profits.

In addition to confirming that all the objectives of the strategic plan for 2024 were met, MAPFRE’s chairman and CEO advanced that, for the remaining two years of the plan, the target level for ROE is to be raised by one percentage point, to reach an average of between 11 and 12%, and the combined ratio target level was also raised by one point, placing the average for the period at between 95 and 94%.

The chairman and CEO also gave a very positive overview of the performance of the business in the different regions the Group operates in and across the different lines of business, emphasizing that in addition to achieving the technical stabilization of the motor line, the Group has solid growth plans in place for the main countries in this business. He also noted that reinsurance, in addition to continuing to commit to the main global markets, will focus more on the life business and developing a greater presence in the North American market.

Antonio Huertas revealed that the Group is executing various initiatives that allow for greater product personalization and innovation and which incorporate AI into the Group’s processes.

The first vice chairman of the Group, José Manuel Inchausti, announced the creation of the MAPFRE Artificial Intelligence Center, with the aim of further boosting the organization’s transformation as it responds to the changes AI is generating in the business, where 115 use cases are already underway. He also announced that MAPFRE is the first Ibex 35 company to position itself with its own AI Manifesto.

“AI needs to be adopted from an ethical, responsible and secure perspective, establishing a reference framework for potential technological developments that serves as a catalyst for culture and prioritizing action items, with people at the center of this transformation,” he said.

On the subject of innovation, José Manuel Inchausti underlined that it has always been present in MAPFRE, and that more than 4.4 million clients have now benefited from solutions originating in MAPFRE’s innovation model and that the Group, which has collaborated with around 150 startups, currently has projects in place with more than 30 of them in different countries and units.