MAPFRE has raised the financial ambitions of its 2024 to 2025 strategic plan after posting record 2025 results, approving the largest dividend in its history and confirming that it has met all interim sustainability commitments.
At its annual general meeting (AGM), shareholders approved 2025 accounts showing net earnings above €1 billion for the first time and gross profit of more than €2.4 billion. Under IFRS, attributable net profit reached about €1.1 billion, up 19.6% year on year, with group return on equity at 12.4% and a combined ratio of 92.2%, the best in the company’s history.
Executive chairman Antonio Huertas (pictured) said the performance reflected “the strength of our business model, the strict technical discipline we’re applying in all markets, and the strength deriving from our geographic and product diversification.”
The AGM approved a total dividend of €0.18 gross per share against 2025 results, of which €0.07 was paid in November 2025 and €0.11 will be paid in May.
In aggregate, MAPFRE will distribute €554 million in cash among more than 150,000 shareholders, equivalent to a payout ratio of 51%. Huertas said the remuneration “is consistent with the firm commitment of the company with its shareholders and with its ability to generate cash on a constant basis.”
MAPFRE also reported a Solvency II ratio of around 210% at the end of 2025, within its 200 to 250% target range and providing headroom for both growth and shareholder distributions.
Meanwhile, Huertas flagged the war in the Middle East as “the greatest uncertainty facing global economies”, saying that inflation, interest rates and the availability of energy and raw materials would determine conditions in 2026. He stressed that MAPFRE's direct insurance and reinsurance exposure in the conflict zone is minimal.
In this context, the group has upgraded its 2026 targets under the 2024 to 2026 strategic plan, which was originally framed around average premium growth of 6% and ROE of 10% to 11%. MAPFRE now expects ROE to exceed 13% in 2026 and has tightened its combined ratio target to a range of 93% to 94%. Both metrics remain conditional on inflation not rising significantly.
MAPFRE's 2025 results were supported by record premiums of more than €29 billion and strong contributions from its reinsurance arm.
MAPFRE RE, which includes reinsurance and global risks, generated earnings of €381 million with a combined ratio of 91.2%, helped by cautious risk selection and the absence of major catastrophe events. In a year when global insured natural catastrophe losses remained historically high, this underlines the group’s relatively conservative catastrophe profile.
The group continues to push its transformation agenda, rolling out its REEF core technology platform in Latin America and Spain and expanding its Artificial Intelligence Centre, which delivered more than 150 use cases in 2025, around one‑third involving generative AI. Digital business grew 14.6% year on year, and the Atenea data platform has supported improvements in data quality across 28 countries.
Among European multiline carriers, MAPFRE now sits in the stronger half of the peer group on both profitability and capital, though it still trails the very top tier on returns.
Its 2025 ROE of 12.4% and new target of above 13% for 2026 broadly align with the low‑ to mid‑teens ambitions of large peers such as Allianz, AXA and Zurich, and are clearly ahead of many mid‑sized composites still rebuilding earnings after inflation and catastrophe losses. By contrast, the biggest global reinsurers and asset‑light specialty groups have, in good years, produced mid‑teens or higher ROEs, so there is still a gap to the top‑quartile performers.
On underwriting, MAPFRE’s 92.2% combined ratio in 2025 and 93% to 94% target compare favourably with the mid‑90s reported by many European non‑life rivals, and are close to the levels seen at some leading reinsurers once large cats are normalised. Its Solvency II ratio of around 210% sits in the middle of the 180% to 230% range typical for large European groups, supporting both growth and a competitive dividend.
Overall, peers are likely to view MAPFRE as a solid, conservatively capitalised carrier edging towards best‑in‑class primary‑market returns rather than as an outlier at either end of the spectrum.
On the people side, the company said that staff with a disability now represent 4.2% of the workforce and women hold more than 35% of management positions.
In terms of sustainability, MAPFRE confirmed that it has already met 100% of the current milestones in its 2024–2026 Sustainability Plan. It reduced its operational carbon footprint by 24% and said 93% of its investments are now rated under ESG criteria.
The AGM, the group’s seventh consecutive “sustainable and carbon‑neutral” meeting, also approved the re‑election of board members Antonio Huertas, Pilar Perales and Ángeles Santamaría, maintaining continuity in the leadership overseeing its strategy and capital management.
