Mapfre, S.A.

MAPFRE said 2025 net attributable profit was EUR 1.08 billion, up almost 20%; gross profit exceeded EUR 2.4 billion, up 20%; premiums exceeded EUR 29 billion, up 20%; and total income including financial income exceeded EUR 34 billion for the first time. On an IFRS basis, insurance revenue was a little over EUR 26 billion, up over 3% (7.6% at constant exchange rates), and net result was EUR 1,133 million. The Non-Life combined ratio was 92.2%, down more than 2 points, with the claim ratio at 65%; ROE was 12.4%; shareholders’ equity was just shy of EUR 9 billion, and solvency was 210% at the end of September. Guidance was qualitative rather than numeric: management said 2026 will focus more on growth, currencies should be more benign than in 2025, financial income should remain supportive, and the group is prepared for global uncertainty and a competitive insurance/reinsurance market. They also said the company will update guidance and discuss the next strategic plan in 2026.

Antonio Huertas framed 2025 as an excellent year that exceeded targets and delivered major technical and strategic progress. He emphasized that the improvement was driven by underwriting discipline, better risk selection, diversification, and stronger results in Brazil, North America, MAPFRE RE and a normalized Iberia. His tone was confident but cautious: he repeatedly noted that growth remains the harder task, but said MAPFRE can still grow profitably, especially with a stronger brand, new distribution alliances and continued digital and operational transformation.

José Luis Jiménez highlighted that IFRS and local GAAP are closely aligned, with IFRS net result at EUR 1,133 million, EUR 54 million above local GAAP. He cited EUR 43 million of positive IFRS 17 impact and EUR 11 million of positive IFRS 9 impact, while noting a negative effect from a loss company in Colombia. He also pointed to shareholders’ equity of EUR 9.4 billion, growth CCM of EUR 2.6 billion, and a 90% combined ratio under IFRS, which is 1.4 points better under local GAAP due to discounting. Felipe Navarro added that equity was over EUR 8.9 billion, leverage was below 21%, MAPFRE completed a EUR 1 billion dual-tranche senior deal at 3.125% and 3.625%, and EUR 900 million was upstreamed from subsidiaries in 2025, up EUR 200 million year over year.

Analysts asked about 2026 impacts from Mexico’s VAT and Colombia’s minimum wage changes, weather risk in North America, the AAA distribution relationship, dividend capacity, possible M&A, Solvency II reform, and whether target ambition should be raised. Management said the Mexico and Colombia items were one-offs already provisioned, that January storms in the U.S. were not material, and that the AAA contract will roll off but MAPFRE has alternative distribution capacity. On capital, they said the 51.4% payout policy is being maintained, M&A interest is limited to complementary assets and distribution, and Solvency II reform could add 3 to 5 points of solvency. On strategy, they said it is too soon to reset targets, but they are over-delivering versus the current plan.