The Mutua Madrid group obtained a net profit in 2024 of 453.6 million euroswhich represents 5.2% more. This figure is based on the increase of 8.2% of the income up to 8,719 million euros, especially standing out of Spain with a 9.9% premiums up to 7,868 million.
“The growth in the results is mainly based on the good march of the insurance business of the different companies that make up the mutual group, the positive evolution of the heritage business and the yields obtained by financial investments,” said the insurer in a statement.
The negative note in the mutual accounts comes from the side of Segurcaixa Adeslas, the joint society that it has with CaixaBank in the health branch. The group has announced a benefit of Adeslas of 428.4 million euros, which represents 12.6% less; This is due to the “losses generated” by the MUFACE concert for this company, which in 2024 amounted to 126 million euros, while a year earlier were 77 million and in 2022 they were 63 million. A progressive and accumulated evolution of the losses that the president of the mutual, Ignacio Garraldahe has described as “unsustainable” and “ballast.”
MUFACE, the health insurance of the officials, has been a headache for the insurers who were present at the concert, among which he was and found. Companies have been denouncing that they operate at losses in this case and that has forced the government to substantially improve the endowment for insurers to go to the new concert by 2025-2027, which has just closed with the concurrence of Adeslas and Asisa itself.
Garralda stressed that, in the new concert, they expect to have no losses: «The first year we may earn some money, the second we tied and the third we lose. We will have zero benefit, which is what we have always said. The calculations we have made are very realistic ».
He has also dedicated criticism of government efforts in the tender of the health insurance of the officials, for the low concurrence. «There is no doubt that we would have liked that there would have been more offerings since it would be a sign that it is a normalized market. 20 years ago there were 11 insurance companies, and now we are two. It is a sign that something is not well formalized or designed, ”said Mutual President Madrid, who added that the ideal would be for four, five or six insurers to attend.
In any case, «in Health Insurance, the Mutual Group reinforced its leadership in 2024 through Adeslas, reaching a volume of premiums in this field of 3,772 million euros, 6.2% more than the previous year. This figure allowed him to consolidate his market share in health above 31%, almost twice as the next insurance group of the ranking ».
Growth in cars
In it cars bouquetas the president of Mutua has pointed out, they have reaped a huge increase in premiums, which has even surprised them. And they are aware that it will not be possible to maintain this growth volume for a long time. «For insurers, cars reached in 2024 revenues for premiums in our country of 2,342 million euros, with an advance of 16%, practically double that the average of the sector, which registered a rise of 8.9%. It is important to note that, in the case of the Mutual Group, most of its increase is mainly derived from the collection of new insured (618,134 new net policies in 2024) and not at the price of insurance, ”explained the group. The mutual, thus, saw its market share grow again in this field to 17.8%, “and did it profitably by placing its combined ratio in cars in 96.9%, below the average of the sector (101.4%).” Garralda, meanwhile, stressed that its objective is to “maximize and lower the combined ratio as much as possible” to the environment of 95%.
«These data have special relevance as it has occurred in a complex environment, marked by the general increase in costs due to inflation and the growth of the sinister frequency. To all this, Mutua has been able to face for the highest quality of its portfolio, more efficient costs and technologically advanced processes and greater digitalization, ”he added in a press release.
In Multirriesgo-Hogar, the insurer reached 943 million euros in revenue, 18.7% more than the previous year, mainly due to the increase in the number of insured who already exceeds 2.8 million insured.
Thus, the group takes chest that the mutual is located, «for the seventh consecutive year, in The first position of the national insurance ranking no lifewhen more than a decade ago it occupied the seventh position. Grupo Mutua also maintains the first position of the health insurance ranking, the second in car insurance and the second in the home of home, according to Icea data ». Its total number of insured amounts to 17.9 million, 5.3% more intentual.
The other leg of the business, which is asset management, showed positive behavior to exceed 1,400 million euros in net collection. “The good heritage collection figures and the good profitability results obtained allowed mutual to reach a historical record of managed heritage (including investment funds, pension plans and savings insurance) of 14,453 million euros at the end of 2024, which represents 25% more than the previous year,” Mutua said.
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