Mapfre (MAP) Q2 2026 earnings summary

Executive summary

• Net profit rose 9.4% year-over-year to €624 million (local GAAP) and €646.2 million (IFRS), driven by strong Non-Life technical results and prudent management across core markets.

• Premiums surpassed €16.1 billion, up 1.1% year-over-year, with consolidated revenue reaching €18.0 billion (+9.2%).

• The Non-Life combined ratio improved to 92.8% (local GAAP) and 90.4% (IFRS), reflecting better underwriting discipline and claims management.

• Shareholders' equity increased to over €10 billion, with ROE at 12.4% (IFRS) and 12.5% (local GAAP).

• Announced acquisition of Safety Insurance for $1.54 billion, expected to close Q1 2027, strengthening U.S. presence and projected to boost net result by 5% post-integration.

Financial highlights

• Insurance revenue reached nearly €14 billion, up 4% year-over-year, with total premiums at €16.1 billion (+1.1%).

• Non-Life premiums were €12.3 billion (+0.3%), Life premiums €3.8 billion (+4%), and assets under management grew 8.4% to €70.2 billion.

• Non-Life technical result increased 9.3%, with realized financial gains of €26 million.

• Debt increased to €2.9 billion, with new bond issuances and refinancing activities supporting growth.

• Dividend payout for the period was €338.8 million, or €0.11 per share.

Outlook and guidance

• On track to meet updated strategic plan targets, with adjusted ROE well over 13%.

• Prudent optimism for H2, with focus on innovation, data analytics, and technology investments.

• U.S. acquisition expected to generate significant synergies and value creation, pending regulatory and shareholder approvals.

• Non-Life focus remains on margin preservation amid ongoing cost pressures and market softening.