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Mapfre Middlesea plc – Full-Year Results

Jonathan Falzon

March 26, 2025

26 March, 2025
4 min read
26 March, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 25 March 2025, Mapfre Middlesea published its Annual Report and Financial Statements for the financial year ended 31 December 2024.

Net income from insurance and investments amounted to €29.6 million which is 5.8% higher than the €28.0 million reported in the previous year. The company highlighted that in its General Insurance Business premiums written in 2024 exceeded €100 million for the first time amid growth across all main lines of business. The company stated that it maintained a clear leadership position with a market share of 31.8% in 2024, which however was a slight drop from the 31.9% in the prior year.

The Group’s Long-Term Insurance Business subsidiary Mapfre MSV Life plc (50% owned) registered a profit before tax of €15.0 million, which is an improvement over the €14.6 million recorded in the prior year.

Overall, the Group generated pre-tax profits of €24.8 million compared to 24.0 million in 2023. After accounting for a tax charge of €6.8 million and non-controlling interests of €5.5 million, the net profit attributable to shareholders amounted to €12.5 million (2023: €11.3 million) which translates into an annualised return on average shareholders’ funds of 13.6%.

The Statement of Financial Position shows that total assets increased by 1.7% (or €40.6 million) to €2.45 billion. Similarly, total liabilities increased by 1.2% (or €28.0 million) to €2.27 billion largely driven by higher investment contracts. Shareholders’ funds increased by 9.3% (or €8.2 million) to €96.3 million which translates into a net asset value per share of €1.047 (31 December 2023: €0.958).

Dividend  

The Directors are recommending a final net dividend of €4.8 million, equivalent to €0.052174 per share, which is 6.7% higher than the dividend paid out last year. This is payable on 26 May 2025 to all shareholders as at the close of trading on 8 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2025.

Outlook

The Board of Directors explained that it defined a new strategic plan for the period 2025-2027, which will build on the foundations laid in the prior years. The new plan has four key pillars namely, Growth & Profitability, Efficiency & Productivity, Transformation & Culture, and Sustainability. The Company believes that by driving this agenda it will continue to create value for shareholders, meet the evolving needs of customers, reward business partner relationships as well as contributing to a better, fairer and more inclusive society through its sustainability commitment.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 25 March 2025, Mapfre Middlesea published its Annual Report and Financial Statements for the financial year ended 31 December 2024.

Net income from insurance and investments amounted to €29.6 million which is 5.8% higher than the €28.0 million reported in the previous year. The company highlighted that in its General Insurance Business premiums written in 2024 exceeded €100 million for the first time amid growth across all main lines of business. The company stated that it maintained a clear leadership position with a market share of 31.8% in 2024, which however was a slight drop from the 31.9% in the prior year.

The Group’s Long-Term Insurance Business subsidiary Mapfre MSV Life plc (50% owned) registered a profit before tax of €15.0 million, which is an improvement over the €14.6 million recorded in the prior year.

Overall, the Group generated pre-tax profits of €24.8 million compared to 24.0 million in 2023. After accounting for a tax charge of €6.8 million and non-controlling interests of €5.5 million, the net profit attributable to shareholders amounted to €12.5 million (2023: €11.3 million) which translates into an annualised return on average shareholders’ funds of 13.6%.

The Statement of Financial Position shows that total assets increased by 1.7% (or €40.6 million) to €2.45 billion. Similarly, total liabilities increased by 1.2% (or €28.0 million) to €2.27 billion largely driven by higher investment contracts. Shareholders’ funds increased by 9.3% (or €8.2 million) to €96.3 million which translates into a net asset value per share of €1.047 (31 December 2023: €0.958).

Dividend  

The Directors are recommending a final net dividend of €4.8 million, equivalent to €0.052174 per share, which is 6.7% higher than the dividend paid out last year. This is payable on 26 May 2025 to all shareholders as at the close of trading on 8 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2025.

Outlook

The Board of Directors explained that it defined a new strategic plan for the period 2025-2027, which will build on the foundations laid in the prior years. The new plan has four key pillars namely, Growth & Profitability, Efficiency & Productivity, Transformation & Culture, and Sustainability. The Company believes that by driving this agenda it will continue to create value for shareholders, meet the evolving needs of customers, reward business partner relationships as well as contributing to a better, fairer and more inclusive society through its sustainability commitment.