Spanish insurer Mapfre aims for a 95% combined ratio by the end of 2026.

Mapfre has revealed its targets as far ahead as the end of 2026, after the Spanish insurer’s annual board meeting.

Antonio Huertas

Antonio Huertas

The Spanish insurer showed €677m profit for 2023, according to the new IFRS17 accounting.

María Leticia de Freitas Costa and Rosa María García were also re-elected as independent directors of the insurer’s board, and the appointment of Eduardo Pérez de Lema Holweg as an executive board director was ratified.

Chairman and CEO of Mapfre, Antonio Huertas (pictured), presented the group’s new strategic plan for the three-year period 2024-2026, with the following objectives:

  • To grow revenue by at least 6 percent on average over the next three years, exceeding 32 billion euros in premiums by the end of the three-year period.
  • To achieve an average ROE, under the new IFRS accounting criteria, of between 10 and 11 percent, with 11 percent being the aspirational goal for the year 2026.
  • To reach a combined ratio averaging between 95 and 96 percent, with the aspirational goal of reaching 95 percent by the end of 2026.
  • To raise the number of countries with a neutralised carbon footprint to 15.
  • To have at least 95 percent of the total investment portfolio qualified in line with ESG criteria.
  • To achieve a minimum of 34 percent representation of female managers by 2024, with the aim of increasing this figure by one percentage point annually thereafter.

To meet these goals, Huertas said the focus will continue to be on growth and improving results.

Mapfre remains committed to seeking new distribution channels in Spain, Brazil, the US, Mexico, and Germany, as well as complementary paths to growth in the life insurance business to balance the company’s portfolio.

This necessarily involves increasing the weight of bancassurance in Mapfre’s business mix, Huertas said.

“Our company’s situation is very strong, the debt level is low, and solvency is very high. We’re growing, and we’ll continue to grow profitably,” Huertas said.

“We are ambitious, because we want to leverage all growth opportunities, but we’re also holding firm on prudent and rigorous business management with the objective of protecting the interests of our shareholders and also ensuring the long-term sustainability of our company,” Huertas added.