In 2024, Mutua Madrileña will continue its policy of freezing rates for its policyholders for the ninth consecutive year in order to maintain the highest loyalty ratio in the sector. With 91% of clients renewing each year with the same insurer, the company aims to keep prices stable for 30% of its clients, despite inflation causing expenses to rise significantly in the insurance sector. Mutua Madrileña is the only insurer that has consistently maintained this policy in recent years, while competitors have raised their rates.
The company’s president, Ignacio Garralda, highlighted the support measures for mutual members, such as absorbing the increase in the Tax on Insurance Premiums and offering two months of free coverage to certain policies. Mutua Madrileña has maintained its position as the top national insurer for the sixth year in a row, with a profit of 431 million euros in 2023 and a Solvency ratio of 306%, the highest in the sector nationally.
The alliance with El Corte Inglés for insurance sales has proven successful, with income in this area reaching 260 million euros in 2023. Mutua Madrileña’s investment management arm, Mutuativos, continues to grow. The company’s strategic plan aims to attract private banking clients and has led to significant asset growth, reaching a total portfolio under management of 11.5 billion euros.
Adeslas, integrated within the Mutua Group, faces challenges in participating in a new tender for public official insurance contracts due to economic conditions. Mutua Madrileña Group’s active acquisition policy has contributed to its significant asset growth, with assets under management reaching 20.8 billion euros by the end of 2023.