Spanish insurer MAPFRE has reported net profit of €1.1 billion for 2025, surpassing the €1 billion mark for the first time in its 90-year history, as strong technical performance across its global operations drove a 19.6% increase year-over-year.

Result before tax and minorities exceeded €2.4 billion for the first time, while premiums grew 3.6% to a record high of more than €29 billion. At constant exchange rates, premium growth would have reached 7.8%, reflecting the impact of currency depreciation in Latin America and the United States.

The combined ratio improved to 92.2%, down 2.3 percentage points, marking the best level in the company’s history. Return on equity (ROE) stood at 12.4%, or 13.3% excluding extraordinary items, while shareholders’ equity increased 5.3% to nearly €9 billion. Under IFRS standards, attributable profit reached €1.1 billion (+17.1%), with shareholders’ equity exceeding €9.4 billion.

Strategic plan ahead of schedule

The results place MAPFRE ahead of its 2024–26 Strategic Plan targets. With one year remaining, the group has already exceeded its ROE target of 11% for 2026 and achieved a combined ratio well below its 95–96% objective.

“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,” said Antonio Huertas, Group Executive Chairman.

The board has proposed a final dividend of 11 cents per share, bringing the total dividend for the year to 18 cents, up 12.5% from the previous year.

Regional performance

IBERIA delivered €450 million in profit, up 22.7%, with a combined ratio of 95.8% (down 3.1 points). Spain generated €9.6 billion in premiums and €436 million in profit.

BRAZIL achieved a historic result of €268 million, up 5.1%, with an outstanding combined ratio of 72.0% (down 0.7 points), despite currency headwinds.

OTHER LATAM posted €97 million in profit, down 36.5%, after absorbing a €94 million impact from unexpected fiscal changes in Mexico and administrative decisions in Colombia during the fourth quarter.

NORTH AMERICA reached a record €139 million in profit, up 41.8%, with the combined ratio improving to 95.4% (down 3.3 points).

MAPFRE RE, encompassing Reinsurance and Global Risks, delivered €381 million in earnings, up 17.2%, supported by prudent management and the absence of major catastrophe events. Its combined ratio improved to 91.2% (down 2.4 points).

Strong capital position

The Solvency II ratio stood at 210.4% as of September 2025, underscoring the group’s capital strength. Loss ratio improvements, tariff adjustments, and technical measures contributed to the record combined ratio, while expense discipline remained steady.

The 2025 performance caps a multi-year turnaround from 2022, when profit fell to €642 million amid high inflation and catastrophe losses. Since then, profitability has steadily improved, positioning MAPFRE for continued growth into 2026.