Letter from the Chairman

On behalf of both myself and Mutua Universal, I would like to express our heartfelt sympathy for the victims, and our solidarity with all those who were impacted.

Spain closed 2024 with a public administration deficit of 2.8% of GDP. Mutual societies operate within a public-private partnership model in collaboration with the Social Security system. According to data published by the Ministry of Finance, this amounts to €44.597 billion, excluding the DANA-related aid permitted by Brussels – a reduction of 0.7% from the previous year’s 3.5%. It marks the first time since 2018 that Spain has remained below the 3% excessive deficit threshold set by the European Union’s fiscal rules.

This reduction has been largely underpinned by stronger-than-average economic growth within the Eurozone and solid labour market figures, with a rise in Social Security contributors leading to a 7.2% increase in social contribution revenues.

Nevertheless, despite this growth and state transfers to the General Treasury of the Social Security System, by year-end the system was still facing a deficit of €9.834 billion, according to the Ministry of Finance, and a debt exceeding €126 billion, according to the Bank of Spain. It is concerning that, despite successive reforms, rising contributor numbers and increases in both contribution rates and the maximum contribution base, the structural imbalance in the Social Security system remains unresolved. The sustainability of the system is at stake.

Within this context, mutual societies play a vital role. Our sector provides medical, rehabilitative and financial cover in cases of work-related illness and injury to over 1.4 million businesses – 98.89% of all organisations in the system – and nearly 19.5 million workers, representing 97.26% of the system. We are also responsible for managing temporary incapacity benefits due to non-work-related illness or injury, covering nearly 1.2 million member companies (80% of the system) and more than 15 million workers (78.9% of the system).

One of the most concerning trends continues to be the rise in absenteeism due to temporary incapacity from non-work-related illness or injury – the second-largest area of expenditure for the Social Security system after contributory and non-contributory pensions. These absences impose significant costs on businesses by reducing productivity and competitiveness, and they burden the entire economy and an overstretched Social Security system unable to respond adequately. In this area of managing temporary incapacity for non-work-related illness or injury, mutual societies once again report a shortfall in funding.

At Mutua Universal, we once again offer our full support and resources to the public authorities to help implement appropriate measures to reverse this trend and meet the future challenges facing society.

Mutua Universal, within its area of responsibility, closed 2024 with cover extended to 1,766,244 workers and 159,095 member companies. Revenues from social contributions rose by 6.9% year-on-year to reach €1.779 billion, and our net assets grew to €380.56 million

Following a positive financial result for the year, we returned €15.18 million to the General Treasury of the Social Security system – a clear reflection of the sound management of a solvent and committed organisation that looks after what matters most: people’s health, making an undeniable contribution to the sustainability of the welfare state.

I would like to express my personal thanks – and those of the Board – to the entire Mutua Universal team. Our 2,059 professionals embody a strong sense of public service, commitment, integrity and professionalism that defines our mutual society and makes our collaboration with the Social Security system both effective and meaningful.

Thanks also go to all the businesses, employees and collaborating entities for their valued trust and collaboration.

I am especially grateful to Juan Güell, Managing Director of Mutua Universal, for his forward-thinking leadership, which drives our strategy with a clear focus on people and service – always guided by our purpose: to protect and care for people while contributing to the sustainability of the welfare state.

Thank you to the Board of Directors and the Audit and Compliance Committee for their governance and oversight, and to the members of the Special Benefits Commission and the Oversight and Monitoring Commission for their participation. My sincere appreciation also goes to our Honorary Chair, Mr Juan Echevarría Puig, for his support.

We also extend our thanks to the public administration with which we work. Our commitment remains steadfast. I would also like to thank the Chair and Managing Director of the Association of Mutual Insurance Societies for Workplace Accidents (AMAT) – the employers’ association I now have the honour of serving as Vice-Chair. This year, we mark the 125th anniversary of mutual societies working with the Social Security system – always devoted to workers’ health, business competitiveness and the sustainability of our Social Security system.

Thank you very much.