MAPFRE reported a net attributable profit of 692 million euros for 2023, up 7.7% from 2022. This figure includes a 75-million-euro impairment of goodwill in the United States. Excluding this impact, profits would have reached 767 million euros, representing a 19.4% increase over 2022, according to the company’s disclosure to the CNMV (Comisión Nacional del Mercado de Valores).
In addition, the 692-million-euro result reflects the effect of 159 million euros tied to two catastrophe events, the earthquake in Turkey and Hurricane Otis in Mexico. The company also notes that 2022 featured a drought-related impact of 113 million in the Paraná river account. There was a notable uptick in atmospheric events across Europe, contributing a net effect of more than 115 million euros higher than the previous year. These factors illustrate the sensitivity of earnings to large, non-recurring loss events as well as to broader climatic and regional variations in claims experience.
Furthermore, the net profit includes a 46.5-million-euro net income from arbitration related to the dissolution of the strategic alliance with Bankia, alongside the 75-million-euro impairment of goodwill on U.S. insurance operations. Management notes that this impairment did not affect cash generation, solvency, or the group’s capacity to pay dividends, maintaining a stable liquidity outlook and dividend policy for shareholders [MAPFRE communications].
On the macro side, hyperinflation in Venezuela, Argentina, and Turkey contributed a negative 47 million euros, compared with 41 million the year before. These regional factors underscore the uneven economic environments in which MAPFRE operates while still fitting within a consolidated earnings narrative.
Profitability closed the year at 9% for 2023. If singular impacts were excluded, the return would have risen to 9.9%, highlighting the underlying earnings power of the business once atypical factors are removed from the equation.
From a revenue perspective, the company achieved a 9.2% rise in total income, reaching 32,239 million euros. This growth reinforces the improving trajectory seen in recent quarters and reflects a meaningful expansion in business volumes alongside stronger financial income. Premiums increased by 9.7%, with limited impact from foreign exchange movements. The upturn in activity was broad-based, with increases of 8.4% in Non-Life and 14.6% in Life segments. Contributions also came from Iberia, Latin America, and reinsurance activities, underscoring the geographic diversification of MAPFRE’s earnings stream.
These positive results prompted the board to propose to the general meeting a supplementary dividend of 0.09 euros per share for 2023, representing an increase of 5.9% over the prior year. This dividend proposal reflects MAPFRE’s commitment to delivering shareholder value while maintaining a prudent financial approach amid a dynamic macroeconomic landscape [MAPFRE communications].