# Grupo HNA

Grupo HNA is an Insurance based in Madrid, Spain.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Madrid, Spain
- **Region:** Europe
- **Address:** Calle Génova 27, Madrid, Spain
- **Founded:** 9491
- **Assets under management:** Undisclosed
- **Website:** hna.es
- **LinkedIn:** https://www.linkedin.com/company/hna_mutualidad

## Regulatory record

- **Reports private funds:** No

## About

Grupo HNA was established in 1944 as a mutual insurance company serving architects and chemists across Spain. The firm operates from its headquarters at Calle Génova 27, Madrid, and maintains a nationwide presence without external shareholders. Its structure as a mutual means policyholders are the ultimate owners — a model that historically generates surplus capital requiring disciplined long-term deployment rather than quarterly distribution. The firm also sponsors Fundación HNA, its philanthropic vehicle, and participates in Observatorio 2030 (CSCAE), the sustainable architecture observatory. The group's investment posture centers on direct commercial real estate ownership in Madrid and Guadalajara. Confirmed assets include the LaLiga headquarters building on Calle Emilio Vargas 2, Torre Mízar, Torre Spínola, and the Grupo HNA headquarters building — four Madrid office or mixed-use properties that constitute the core of its balance sheet. An industrial asset, the Guadalajara Logistic Platform, extends the portfolio into logistics real estate outside the capital. The portfolio reflects a concentrated geographic thesis — Madrid-weighted, property-level direct control, no visible fund commitments or third-party manager relationships. Total assets under management and the full professional headcount are not publicly disclosed. The firm has named Nuno Miguel Maximiano as head of innovation and transformation, signaling an operational focus on modernizing legacy insurance workflows. Grupo HNA maintains a business partnership with Solimat, a fellow mutual, for joint healthcare and insurance services — the only visible external operating collaboration. No recent capital raises or new property acquisitions have surfaced in the public record. Grupo HNA's structural differentiator is its mutual ownership model applied to professional guilds — architects and chemists — binding its insurance liabilities to a real-asset portfolio that does not answer to institutional limited partners or public market investors. This alignment means the real estate portfolio functions as a patient balance sheet asset rather than a marked-to-market fund, a configuration shared by a small number of European mutual insurers.

## Sectors

- Real Estate
- Infrastructure

## People

- Nuno Miguel Maximiano — Head of Innovation & Transformation

## Questions

### Who owns Grupo HNA?

Grupo HNA is a mutual insurance company, meaning its policyholders — Spanish architects and chemists — are the ultimate owners. There are no external shareholders or private equity backers. This structure has been in place since its founding in 1944.

### What real estate does Grupo HNA own?

Confirmed properties include the LaLiga headquarters building in Madrid, Torre Mízar, Torre Spínola, and the Grupo HNA headquarters on Calle Génova 27 — four commercial buildings. The group also holds the Guadalajara Logistic Platform, an industrial asset, and the Julio Cano Lasso Collection, a cultural property. The portfolio is concentrated in Madrid and surrounding regions.

### How does Grupo HNA generate its investment capital?

As an insurance company serving architects and chemists, Grupo HNA collects premiums from its policyholders and invests surplus capital. Because it has no external shareholders demanding dividends, surplus accumulates on the balance sheet and is deployed into long-duration assets — predominantly direct real estate.

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Last updated: 2026-08-11T02:43:31.692Z

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