Mapfre Middlesea plc - Full-Year Results

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.