MAPFRE RE sees premiums grow 6.7% in 2024 to €8.4bn

MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported premiums of nearly €8.4 billion for full-year 2024, marking a 6.7% increase from 2023.

This total includes €6.6 billion from its reinsurance business and over €1.8 billion from its global risks division.

The reinsurer’s combined ratio improved to 93.6%, down 2 percentage points from 2023.

According to the company, the most significant weather events of the year included floods in Brazil’s Rio Grande do Sul region and storms across Europe.

MAPFRE RE also noted that it continues to strengthen prudence levels in provisions to address ongoing weather-related uncertainties.

Net financial losses amounted to €7.1 million, compared to gains of €12.3 million in 2023, after taxes and minority interests.

For 2024, MAPFRE RE reported a net result of €325 million, reflecting a 33% year-over-year increase.

At the same time, MAPFRE’s overall premiums were up 4.5% in 2024, reaching over €28.1 billion, with growth across nearly all lines of business, with revenue standing at almost €33.2 billion.

The Group combined ratio strengthened to 94.4%, as the net result increased by more than 30% to €902 million in 2024.

Antonio Huertas, Chairman and CEO of MAPFRE, commented, “These results, the best in the company’s history, reflect our ambition for growth and technical excellence, stemming from the execution of our Strategic Plan. The dividend has reached a new historic maximum and is proof of our commitment to shareholders. We are starting 2025 full of optimism and with the confidence that we will continue creating value.”

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