Spanish insurance giant MAPFRE posted a €570 million net result for the first half of 2025, marking a 23.6% increase from the previous year as the company continued its profitability improvements across all regions and business lines.
The Madrid-based insurer reported premiums of nearly €16 billion, up 5.3% from the same period in 2024. However, currency fluctuations significantly impacted growth figures, with the depreciation of major currencies including the Brazilian real, US dollar, Turkish lira, and Mexican peso. At constant exchange rates, premium growth would have reached 10.2%, the company noted in a statement.
“MAPFRE continues improving profitability in all regions and business units,” said Antonio Huertas (pictured), the company’s chairman. “In addition to the boost from the Strategic Plan, our highly diversified business model, along with the enormous transformation and efficiency improvements, allow us to be optimistic about 2025 despite the persistent geopolitical challenges.”
The company’s technical performance showed marked improvement, with the Non-Life combined ratio falling 2.6 percentage points to 93.1%. The loss ratio declined to 66.0% while the expense ratio dropped to 27.2%, reflecting what the company described as strict cost containment policies and technical measures implemented across its operations.
MAPFRE’s return on equity reached 12.2%, up from 10.9% in the previous year, while shareholders’ equity stood at €8.5 billion. Under international IFRS accounting standards, the attributable result reached €596 million, representing a 20.6% increase.
The Iberia region delivered strong results with a €239 million net result, up 42.4% from the previous year. The region benefited from significant recovery in its auto business and reported a combined ratio of 96.0%. Spain contributed more than €5.8 billion in premiums, while Portugal saw premiums decline to €205 million due to exceptional life insurance issuing in 2024.
Latin America contributed €223 million to earnings, with Brazil maintaining strong profitability despite currency headwinds. The Brazilian operation recorded a return on equity above 27% with improved technical ratios.
North America continued its positive trend with results of €60 million, up 47.7%, while maintaining a combined ratio of 96.5%. The region benefited from tariff adjustments and technical measures implemented in recent years.
The company’s reinsurance division, MAPFRE RE, posted results of €149 million, maintaining what it described as reserve prudence despite challenges including California wildfires in the first quarter that had an €84 million impact.
MAPFRE’s Solvency II ratio remained within target range at 205.6% as of March.
What are your thoughts on MAPFRE’s latest financial results? Share your insights in the comments below.
