Mapfre, S.A. (MPFRF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to MOPFRI's activity update for the third quarter of 2025. This is Leandra Clark, Head of Investor Relations and Capital Markets. Thank you for joining us today. We are pleased to have here with us José Manuel Enchausti, Vice President of MOPFRE, who will provide some opening remarks and an overview of recent business trends. Following that, José Luis Jiménez, our Group CFO, will discuss the main financials, and Felipe Navarro, Deputy General Manager of the Finance Area, will walk us through the balance sheet. As a reminder, we report IFRS financial information on a half year basis. The information in this activity update is prepared under the accounting policies applicable in each country, which generally do not apply IFRS 17 and nine. You can use the ask a question link at any point during the call, and we will open up the Q&A session at the end of the presentation. I will now hand the floor over to Jose Manuel Enchausti. Thank you, Leandra. Hello, everyone, and thank you for your time today. Let me share some highlights of the quarter before José Luis and Felipe walk you through the details. Results have been excellent with higher profitability in all regions and in our main business units. We are outperforming almost all updated targets announced at the AGM. However, If we look at the macroeconomic context, the world economy is continuing to slow down with fiscal tensions, trade wars and higher geopolitical risk. This is creating exchange rate volatility that is affecting our top line, especially the US dollar and Latin American currencies. Premiums have grown 3.5%, reaching over 22 billion. And at constant exchange rates, this would more than double, reaching nearly 8%. Non-life, which is more than 75% of our business, continues to benef...