Ignacio Garralda, president of Mutua Madrileña, was named Honorary Academician by the Royal Academy of Economic and Financial Sciences (RACEF), an institution within the Institute of Spain that represents the country’s cultural and academic heritage and groups all royal Spanish academies.
With this honor, RACEF acknowledges Garralda’s professional trajectory and his role in driving financial and business innovation through initiatives that propelled the companies he led, anticipating key economic and social shifts.
The naming ceremony took place during the opening session of the 2023-2024 academic year of the Royal Academy of Economic and Financial Sciences, the only one of Spain’s royal academies based in Barcelona.
During the acceptance speech, Garralda presented the theme “New challenges of the company in the face of the new society.” The chairman of the Mutua Group addressed, among other points, the social and economic changes that demand a new dynamic in the relationship between business and society, underscoring the growing importance of corporate social responsibility and sustainability in corporate governance.
The heightened involvement of firms in building a more inclusive and prosperous society has, in the last two decades, raised citizen expectations about the role of business. Garralda noted that values once undervalued, such as transparency, example, and meritocracy, are now considered essential.
In Garralda’s view, “We are managers of companies that must earn society’s trust.” This can be achieved only through a level of transparent governance that reassures citizens that the stated value system of a company aligns with its actual practices. He also emphasized that companies should concentrate more on improving people’s lives and contributing to societal development, including promoting equal opportunity.
Following Garralda’s remarks, RACEF’s principal academician Manuel Pizarro delivered the institutional response. In addition to Garralda, members of the corporate and academic worlds attended the ceremony, including leaders from CaixaBank, Saba Infraestructuras, Grupo Planeta, Endesa, and other key figures in the Spanish economy.
About RACEF
The Royal Academy of Economic and Financial Sciences (RACEF) is an official scientific and technical body dedicated to the research, study, and promotion of economic and financial sciences.
RACEF is organized into four departments: Economic Sciences; Economic-Accounting and Financial Techniques; Psychology and Social Sciences; and Legislation and Law.
Successful career path
Ignacio Garralda holds a law degree from the Complutense University and is a licensed notary. He began his career as a stock market agent and later served as president of Bancoval. In 1984, together with Salvador García-Atance and Pedro Guerrero, he co-founded AB Asesores Bursátiles, Spain’s first independent brokerage focusing on financial analysis and securities trading.
After AB Asesores Bursátiles was sold to Morgan Stanley in 2001, Garralda helped establish the Lealtad Foundation with García-Atance. The non-profit organization conducts analyses of NGO transparency and good practices to encourage corporate donations. For a decade, Garralda championed the development of the Third Sector as a pillar of the Spanish economy.
In January 2008, Garralda, then vice president of Mutua Madrileña, assumed the executive presidency. Despite the long Spanish financial crisis, the insurance group has experienced steady growth in revenue, results, and asset value due to a strategic redesign and diversification efforts.
Mutua Madrileña today ranks at the top of Spain’s non-life and health insurance sectors, with SegurCaixa Adeslas integrated within its group. CaixaBank is a key shareholder. The group remains a leading motor insurer and holds a significant position in life and non-life insurance. The portfolio serves more than 20 million policyholders, with premium income exceeding 7.3 billion euros for 2022, supported by a workforce surpassing 11,000 and assets exceeding 17 billion euros.
Garralda also serves as a director of El Corte Inglés and Endesa, is a member of the Princess of Asturias Foundation’s Board of Trustees, and a juror for the Concord Prize, reflecting a broad influence across business and cultural organizations.