Mapfre Re reported a strong start to 2026, posting a net result of €85 million in the first quarter, up 76.8% year-on-year. The performance was supported by improved underwriting results, fewer catastrophe losses, and stronger investment income, with the combined ratio improving to 96.8%.
The company attributed the uplift to prudent risk management and a reduced impact from large catastrophic events.
Segment performance improves despite premium contraction
The Reinsurance segment contributed €75 million to the quarterly result, with a combined ratio of 97.4%, while the Global Risks business added €10.4 million, delivering a stronger combined ratio of 89.2%.
Overall premiums declined to €2.2 billion, down 7.9% year-on-year. The reduction was driven mainly by currency depreciation—particularly the US dollar—and softer pricing conditions in the reinsurance market.
Within this, Reinsurance premiums fell 6% to €1.6 billion, while Global Risks dropped 13% to €561 million.
Investment income supports earnings strength
Investment performance played a meaningful role in the quarter, with the non-life financial result rising 85.2%. The group also recorded €22.4 million in net gains, significantly higher than €3.9 million in the same period last year.
At group level, Mapfre reported net income of €311 million, up 12.7% year-on-year, with all regions contributing positively. Total revenue declined slightly to €9.7 billion, while premiums fell 2.2% to €8.4 billion, largely due to currency effects. At constant exchange rates, premiums were broadly stable.
The non-life combined ratio improved to 93.2%, down 0.9 percentage points. Return on equity stood at 12.9% (13.8% excluding extraordinary items), with shareholders’ equity steady at over €8.9 billion.
Antonio Huertas, Group Executive Chairman, said: “We have closed an excellent first quarter, confirming that we are on the right path to meet the targets of the Strategic Plan, despite the complex geopolitical context. Profitability continues to improve consistently across the majority of businesses, and we look to the year ahead with prudent optimism, based on the strength of our highly diversified business model.”
