Mapfre, S.A. (MPFRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to MOPFRI's activity update for the first quarter of 2025. This is Leandra Clark, head of investor relations. Thank you for joining us today. We have here with us Jose Manuel Enchausti, first vice president of MOPFRI, who will make a few opening remarks and will give an overview of recent business trends. Later, Jose Luis Jimenez, the group's CFO, will comment on the main financials, and Felipe Navarro, deputy general manager of the finance area, will walk us through the balance sheet and 2024 embedded value figures, which were also released this morning on our website. Just as a reminder, this information is prepared under the local accounting policies applicable in each country. You can use the Ask a Question link at any point during the call, and we will open up the Q&A at the end of the presentation. I will now hand the floor over to José Manuel Enchausti. Thank you, Leandra. Good afternoon, everyone. Thank you for your time today. Let me share some of the highlights of the quarter before José Luis and Felipe walk you through the details. Last year was a record year for MAFRE and I'm happy to announce we have started 2025 in an excellent position with the first quarter figures in line with the updated targets we announced at the AGM. As the Chairman stated, these excellent results confirm our positive outlook for the year, with improved ratios and more balanced sources of income and profit. Growth remains solid in most markets. Recent exchange rate volatility is affecting the top line, but premiums are still growing by 5.4%, reaching 8.6 billion euros. Excluding life savings, which is a more volatile business, they are growing nearly 6% in line with our target. Profitability continues to improve, with the non-life combined ratio at 94%,...