Spanish insurer MAPFRE has reported net profit of €1.1 billion for 2025, breaking through the billion-euro barrier for the first time in its 90-year history as improved technical performance across all regions delivered a 19.6% increase from the prior year.
The Madrid-based company posted premium revenue of €29 billion for the year, reaching a record level with growth of 3.6%. Currency depreciation in Latin America and the United States limited reported growth, with premiums rising 7.8% at constant exchange rates.
The milestone caps a dramatic recovery from 2022, when profit slumped to €642 million amid high inflation and catastrophic losses.
The turnaround accelerated in 2024 with profit jumping to €992 million – results chairman Antonio Huertas (pictured above) described as "the best in the company's history" – before climbing further in 2025.
The results position MAPFRE ahead of schedule on its 2024-26 strategic plan, which set ambitious financial goals when launched in March 2024. The plan targeted minimum 6% average revenue growth to surpass €32 billion in premiums, an 11% return on equity for 2026, and a combined ratio between 95% and 96%.
With a year remaining, the insurer has already surpassed key metrics. Return on equity reached 12.4% for 2025, or 13.3% excluding extraordinary items, whilst the combined ratio of 92.2% marked its lowest level on record and beat the target range by a significant margin.
"We are entering the final stretch of the 2024-26 strategic plan with record results and a noteworthy improvement in profitability," Huertas said, noting the company "surpassed 1 billion euros in net profit for the first time."
The plan's aspirational goal of reaching a 95% combined ratio by end-2026 has been achieved early through tariff adjustments and technical measures implemented across markets. The loss ratio declined to 64.9% from 67.4% in the prior year, whilst the expense ratio held at 27.3%.
The Iberia region recorded profit of €450 million, up 22.7%, with Spain generating €9.6 billion in premiums and €436 million in profit. The regional combined ratio improved to 95.8%.
Brazil posted a result of €268 million, representing a 5.1% increase, with a combined ratio of 72%. Premiums declined 10% in euro terms due to depreciation of the Brazilian real.
North America achieved profit of €139 million, up 41.8%, with the combined ratio improving to 95.4%. The EMEA region turned profitable at €16 million versus a €30 million loss in 2024.
Other Latin American markets recorded profit of €97 million, down 36.5%, after absorbing a €94 million impact from fiscal changes in Mexico affecting VAT deductibility and a 23% minimum wage increase in Colombia affecting annuity provisions.
The board proposed a final dividend of 11 cents per share, bringing total 2025 dividends to 18 cents – the largest in company history with a payout ratio of 51.4%. The Solvency II ratio stood at 210.4% as of September 2025.
