MAPFRE S.A. Posts Record $1.29 Billion Profit in 2025
MAPFRE reported a record net result of approximately $1.29 billion, up 19.6% year over year, as underwriting performance improved across most regions and business lines. Result before taxes and minorities exceeded $2.81 billion for the first time.
Premiums increased 3.6% to more than $33.9 billion. At constant exchange rates, growth would have been 7.8%, reflecting the impact of currency depreciation, particularly in Latin America and the United States.
The group’s combined ratio improved 2.3 points to 92.2%, the best in its history. The loss ratio declined to 64.9%, supported by tariff adjustments and technical measures, while the expense ratio remained stable at 27.3%. Return on equity stood at 12.4% (13.3% excluding extraordinary items).
Under IFRS, attributable profit reached roughly $1.29 billion, and shareholders’ equity exceeded $11.0 billion. The Solvency II ratio was 210.4% at the close of September 2025.
“We enter the final stretch of the 2024-26 Strategic Plan with record results and a noteworthy improvement in profitability. We have surpassed 1 billion euros in net profit for the first time, and we increase shareholder remuneration for the fifth consecutive time in the last three years. Thanks to our business diversification, we are optimistic about 2026 and confident we will continue to create value,” affirms Antonio Huertas, Group Executive Chairman.
North America Delivers Record Earnings
Turning to MAPFRE’s operations in North America, the Webster-based insurer generated record earnings of approximately $163 million, up 42%, with the combined ratio improving to 95.4%.
Premiums surpassed $3.04 billion, down 4.6% in euro terms due to the depreciation of the U.S. dollar (-4.5%). In local currency, premiums were essentially flat.
The Non-Life combined ratio improved 3.3 points to 95.4%, reflecting technical measures and tariff adjustments implemented in recent years, along with relatively benign weather in the second half of the year. The Auto combined ratio improved to 97.8% (-3.3 points), while General P&C strengthened to 78.9% (-5.5 points).
In the United States, premiums reached nearly $2.69 billion, with earnings of approximately $138 million. Puerto Rico recorded premiums of about $411 million and profit of approximately $24 million.
Regional Highlights
IBERIA reported net profit of approximately $527 million, up 22.7%, with premiums reaching $11.7 billion.
Brazil posted a historic result of roughly $314 million, with premiums of about $5.03 billion and a combined ratio of 72.0%.
Other Latin America contributed approximately $113 million in profit but absorbed roughly $110 million in negative impacts from VAT changes in Mexico and minimum wage increases in Colombia.
MAPFRE RE, including Reinsurance and Global Risks, delivered earnings of approximately $446 million, with premiums nearing $9.83 billion and a combined ratio of 91.2%.
Capital and Dividend
Shareholders’ equity under local accounting increased to approximately $10.4 billion.
The board proposed a final dividend of approximately $0.13 per-share, bringing the total dividend for the year to roughly $0.21 per-share, representing a 51.4% payout ratio.
All euro figures converted at an exchange rate of 1 euro = 1.17 U.S. dollars; amounts rounded.
