Mutua Madrileña closed the first half of 2024 strengthening its position as a leader in general insurance in Spain. Led by Ignacio Garralda, the Madrid-based insurer finished the first six months with non-life premiums totaling 3.735 billion euros, a historic record for the company and an 11% year-on-year rise, according to provisional ICEA data (Research Cooperative among Insurance Companies and Pension Funds). The broader sector grew 7.8%, enabling Mutua to raise its non-life market share to 15.5%.
Today, the mutual insurer stands as the top player in Spain in the non-life market, the number one in Health, the second in Auto, and the third in Total Insurance (life plus non-life), according to ICEA figures. Behind Mutua in non-life were Mapfre with 3.3 billion, Allianz with 1.659 billion, Occident with 1.444 billion, Generali with 1.418 billion, and AXA at 1.323 billion.
In the overall insurance mix, including both Life and Non-Life, Mutua grew 10.9% to reach 3.951 billion euros, contrasting with a 2.2% sector decline.
In the auto line, Mutua posted a notable 18.1% increase to 1.186 billion euros, double the sector’s 9.1% rise. This growth stems from winning over new customers attracted by the company’s differentiating policy: offering mutualists exclusive, high-quality services at competitive prices.
Mutua Madrileña is recognized for its commercial strategy that prioritizes excellent service while keeping premium prices as restrained as possible. In recent years, Mutua has held premium levels for a large portion of its portfolio, even as the market generally moved higher, all while preserving the company’s solvency and profitability.
In Health, where Mutua operates through SegurCaixa Adeslas, the Grupo Mutua closed the semester again as a leader, with premium income of 1.832 billion euros, a 6% year-over-year increase. In this segment, the market share stands at 30%, nearly double that of the next largest insurer in the ranking.
Regarding Multirriesgo (multi-risk) insurance, premiums grew 18.7%, reaching 482 million euros. In Life insurance, Mutua’s growth reached 9%, totaling 216 million euros, compared with the sector’s 14.1% decline.