Mapfre (MAP) Q1 2026 earnings summary

Executive summary

• Net profit reached €311 million in Q1 2026, up 12.7% year-over-year, reflecting strong technical performance, improved financial income, and resilience across core markets.

• Diversified business model and geographic spread, especially in Latin America, provided stability amid global macroeconomic and geopolitical uncertainty.

• Profitability improved with a non-life combined ratio of 93.2% (-0.9 p.p. year-over-year), and ROE at 12.9% (13.8% excluding extraordinary items).

• Solid balance sheet with a solvency ratio of 205.3%, above the midpoint of the target range.

• All regions contributed positively, with Iberia and Mapfre Re showing standout profit growth.

Financial highlights

• Total premiums reached €8.4 billion, down 2.2% year-over-year due to currency depreciation, but nearly flat at constant exchange rates.

• Non-life premiums down 2.6% in euros to over €6.6 billion, but flat at constant exchange rates; technical result up 16.6%.

• Life premiums stable at €1.8 billion, down 0.6% in euros; life protection grew, especially in Iberia and LatAm.

• Net financial income increased by 14.2% year-over-year, with gross realized gains of €38 million, up €19 million year-over-year.

• Assets under management grew 4.3% to €67.5 billion.

Outlook and guidance

• On track to meet updated targets: 6% average premium growth (excluding life savings, constant FX), combined ratio 93-94%, and 13% ROE.

• Positive outlook for growth in coming quarters as currency headwinds moderate and one-off effects subside.

• Management expresses prudent optimism for the year, citing consistent profitability improvements and a diversified business model.