Q2 2024 Mapfre SA Earnings Call Transcript
Key Points
- Mapfre SA (MPFRF) reported a strong net result of EUR462 million, up 47% from the previous year.
- The company achieved a significant reduction in the Non-Life combined ratio by 1.3 points to 95.7%.
- Life and General P&C segments showed excellent performance, contributing positively to profitability.
- Mapfre SA (MPFRF) maintained a robust ROE of 10.6%, nearly 12% excluding the 2023 goodwill write-down.
- The company reported a solid growth in premiums, up 5.5%, with notable increases in LATAM, IBERIA, and North America.
- The Auto business in IBERIA is still facing challenges with a combined ratio of 106%, indicating pressure on claim costs.
- The company experienced a EUR36 million impact from hyperinflation, mainly from Argentina.
- There was a EUR41 million net impact from the flood in Rio Grande do Sul, affecting the overall results.
- The EMEA region reported losses, although improved by EUR6 million, indicating ongoing challenges.
- Currency depreciation, particularly the Brazilian real, impacted the company's financials, with a EUR60 million total impact.
Good morning and welcome to MAPFREâs activity presentation for the first half of 2024. This is Leandra Clark, Head of Investor Relations, and we want to thank you all for being here with us today. It is a pleasure to have here with us Fernando Mata, Vice Chairman and Group CFO; José Luis Jiménez, Deputy CFO; as well as Felipe Navarro, Deputy General Manager in the Finance Area.
As a reminder, we report the IFRS financial information twice a year, and we reported the half-year results to the CMV this morning. The information in this activity update is prepared under the accounting policies applicable in each country, unless stated otherwise.
At the end of the presentation, we will go through the main IFRS KPIs. You can use the ask a question link at any point during the call, and we will open up the question-and-answer session at the end of the presentation.
Let me turn the call over to Fernando. The floor is yours.
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