Mapfre (MAP) Q2 2025 earnings summary

Executive summary

• Net result rose to €570 million for H1 2025, up 23.6% year-over-year, with profitability gains across all regions and business lines, supported by improved technical management and diversification.

• Premiums totaled nearly €16 billion, up 5.3% in euros and 10.2% at constant exchange rates, with strong technical improvements in Non-Life and robust Life business growth.

• ROE stands at 12.2% (13.3% adjusted/excluding extraordinary items), and shareholders' equity is €8.5–8.99 billion.

• All major regions—IBERIA, LATAM, NORTH AMERICA, and MAPFRE RE—report higher net results and improved combined ratios.

• Strategic plan, diversification, and efficiency gains support optimism for 2025 despite currency depreciation and geopolitical challenges.

Financial highlights

• Premiums reached €15.95–16 billion, up 5.3% (+10.2% at constant FX); Non-Life up 2.5%, Life up 15.7%.

• Net result rose to €570 million (+23.6% YoY); IFRS net result €595.9–596 million (+20.6%).

• Non-Life combined ratio improved to 91.1–93.1% (down 2.5–2.6 p.p. YoY); claims ratio at 64–66%, expense ratio at 27–27.2%.

• Shareholders' equity at €8.5–8.99 billion; total assets under management €61.5–65.9 billion.

• Solvency II ratio at 205.6% as of March 2025; leverage at 22–22.5%.

Outlook and guidance

• Positive outlook for H2 2025, with continued focus on technical improvement, efficiency, and profitable growth.

• Confident in ability to face headwinds from currency depreciation, inflation, and economic growth.

• ROE target remains at 11–12%, with potential for upside if current trends persist.

• Life insurance in Iberia expected to maintain positive momentum, supported by strong distribution network and less competition from banks.

• The Group maintains a conservative investment policy and robust cyber resilience measures.