Mapfre Middlesea plc - Full-Year Results

On 25 March 2024, Mapfre Middlesea plc published its Annual Report and Financial Statements for the financial year ended 31 December 2023. The company explained that it has adopted two new International Financial Reporting Standards which also resulted in the restatement of the 2022 financial statements, including the opening balance sheet as at 31 December 2021.

Performance Overview

Net income from insurance and investments amounted to just under €28 million compared to a restated figure of €10.7 million in 2022. The company explained that its general insurance business improved its performance through a more scientific approach in assessing risks and a better-than-expected claims performance. Furthermore, the life insurance business drivers remained the annual management fee derived from the assets under management and the underwriting performance on life protection.

Overall, the Group generated pre-tax profits of €24 million compared to a restated figure of €8.3 million in 2022. After accounting for a tax charge of €8.1 million and non-controlling interests of €4.6 million, the net profit attributable to shareholders amounted to €11.3 million (2022 restated: €4.5 million) which translates into an annualised return on average shareholders’ funds of 13.7%.

The Statement of Financial Position shows that total assets increased by 1.8% (or €42.9 million) to €2.41 billion mostly due an increase in other investments. Similarly, total liabilities increased by 1.4% to €2.24 billion largely driven by higher insurance contracts and investment contracts. As a result, shareholders’ funds increased by 9.9% (or €7.9 million) to €88.2 million which translates into a net asset value per share of €0.958 (31 December 2022 restated: €0.872).


The Directors are recommending a net dividend of €4.5 million, equivalent to €0.048913 per share, which is 29% higher than the dividend paid out for the 2022 financial year. This is payable on 24 May 2024 to all shareholders as at the close of trading on 8 May 2024 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2024.


The Chairman noted that Mapfre Middlesea plc and Mapfre MSV Life both retain high solvency ratios. The Group’s operations are being integrated on new IT systems, with benefits to be experienced in 2024. Meanwhile, new regulations including ESG (Environmental, Social, and Governance) reporting and DORA (Digital Operational Resilience) regulations are expected to impact resources and operational costs.