Adeslas moves for Muface. The insurer, 50.01% owned by Mutua Madrileña and 49.9% owned by VidaCaixa, is committed to the initial proposal made by the mutual society of an increase in premiums of 24% by 2025. But it only partially accepts this offer, since that the civil servants’ entity based its budgets on a biannual basis, and for 2026 it only contemplates an increase of 1%, something that Adeslas strongly rejects. Instead, the company chaired by Javier Mira would approve that formula of 24% more for next year, but that this contract would only include a single year with the objective of renegotiating the conditions for 2026. Precisely, this Tuesday, the 8th October will present the new conditions for the biennial concert to insurers.
For that year, the insurer would seek premiums between 10% and 14% higher than the previous year, which accumulated over a two-year period would mean between 34% and 38% more than the concert that ends this December 31.
Only in this way, according to Adeslas, would it be the only possibility for the insurer to obtain “contained losses”: that is, to achieve a neutral, or barely negative, gross margin between the premiums received and the expenses solely for providing services. administrative, management and operational costs, among others, must then be added to these expenses. These costs, Adeslas reports, amount to around 34 million euros.
Applying the model proposed by Muface, with the formula of 24% + 1%, “losses would amount to 130 million in two years,” the insurer confirms. This is because, with the initial increase, the red numbers would be contained until reaching a deficit of 50 million euros in 2025, but with the stagnation of funds for 2026, losses of 80 million in said amount would be added to that amount. exercise.
Sources from the insurer insist that the current model “is unsustainable”, since Adeslas alone is going to face a hole in the accounts of 116 million euros in 2024, which translates into a total of 256 million losses for the three-year period. the company.
The public deficit tightens
Muface decides tomorrow its future in the Council of Ministers, since the Government’s proposal towards insurers will be officially known. The latest news spoke of an increase in premiums of 14.3% in a biannual contract, divided by an increase of 13.6% in 2025 and 0.6% in 2026.
If the first offer made by Muface left the insurers, who move more in terms of an increase close to 40%, somewhat cold, the 14.3% did nothing more than reaffirm the companies’ position. The three companies that are at the concert (Adeslas, DKV and Asisa) announced that they will not attend if these conditions are maintained.
The Executive refers to a budget limitation, since Spain will be sanctioned by the European Union if it exceeds the limit of 3% annual deficit. From there, possible scenarios open up to finance the model, since Muface’s funds are made up mainly of contributions from the State (76.73%), but also with the mutual members’ own contributions (18.57%). From Adeslas they affirm that the Executive has not transferred them other avenues, but seeing the budgetary limitations, it is not ruled out to compensate it with an increase in the contributions of the officials themselves.
