Mapfre, S.A.

MAPFRE reported net attributable profit of EUR 1.08 billion, up almost 20%, and gross profit above EUR 2.4 billion, also up 20%. Premiums exceeded EUR 29 billion, up 20% at constant exchange rates but up 3.6% in euros due to FX drag; total income including financial income exceeded EUR 34 billion for the first time. The Non-Life combined ratio improved to 92.2%, down more than 2 points, and the claim ratio fell to 65%; ROE was 12.4%. Shareholders’ equity was just shy of EUR 9 billion, and solvency was 210% at the end of September. For guidance, management said 2026 will focus more on growth, especially in segments where profitability is already acceptable, with currency headwinds expected to be more benign than in 2025; they also said they remain optimistic about 2026 and will update guidance at the AGM. They did not provide quarterly revenue or EPS guidance.

Antonio Huertas framed 2025 as an excellent year and said MAPFRE exceeded its updated financial targets while making strategic progress. He emphasized technical excellence, disciplined underwriting, reserve prudence, and geographic diversification as the main drivers of the results. Looking ahead, he said the company will push more on organic growth in 2026, especially in Motor and Spain, while keeping its focus on profitability and customer proximity.

José Luis Jiménez said IFRS net result was EUR 1,133 million, EUR 54 million above local GAAP, with IFRS 17 adding EUR 43 million and IFRS 9 adding EUR 11 million. He highlighted insurance revenue of a little over EUR 26 billion, up over 3% or 7.6% at constant exchange rates, and shareholders’ equity of EUR 9.4 billion with ROE of 12.4%. He also noted a EUR 2.6 billion growth CCM, a 90% combined ratio under IFRS, and region-specific items including a EUR 45 million tax provision in MAPFRE RE, EUR 37 million in Mexico from VAT changes, and EUR 57 million in Colombia from minimum-wage effects.

Analysts focused on Mexico and Colombia regulatory changes, North America weather exposure and the AAA relationship, dividend capacity, M&A appetite, Solvency II reform, and whether targets could be made more ambitious. Management said the Mexico VAT impact has already been provisioned and Colombia’s effect is tied to a runoff portfolio, while North America’s January storms were not material. On AAA, they said the long-running distribution agreement will not remain exclusive and they expect to reach a smooth arrangement; on capital, they said solvency is near the top of their target range and the dividend policy remains tied to business performance. They added that Solvency II reform could add roughly 3 to 5 solvency points, and that M&A would remain selective and complementary rather than a footprint-expanding strategy.