Mapfre (MAP) Q3 2026 earnings summary

Executive summary

• 9M attributable net result rose 11.5% to €924.3m; premiums increased 2.0% to €22,826.7m, or 0.7% at constant exchange rates.

• Profitability benefited from technical management and stronger financial income; Iberia and North America improved, while catastrophe claims weighed on Latam results.

• Positive outlook; priorities include completing the 2024–26 Strategic Plan and preparing the 2027–29 plan.

Financial highlights

• Non-Life result rose 8.3% to €1,572.7m despite an 8.8% decline in technical result to €869.7m; net financial income increased 39.8% to €739.4m.

• Non-Life premiums grew 1.1% to €17,493.3m; Life premiums increased 5.0% to €5,333.4m and Life result rose 7.2% to €532.4m.

• Revenue was €27.24bn, up 3.0%; result before tax increased 7.4% to €1,935.4m.

• Reinsurance and Global Risks premiums decreased 0.4% to €6.3bn; its Non-Life financial result included €50m of realized gains versus a €4m loss in 2025.

Outlook and guidance

• Positive 2026 outlook, with uncertainty around El Niño and weather events; soft-market conditions continue to make growth challenging.

• Iberia motor combined ratio guidance remains 96%–97% by year-end; YTD inflation was 4.9% and vehicle maintenance and repair costs rose 4.1%.

• Safety Insurance acquisition was on schedule, with closing expected in Q1 2027; shareholder and Massachusetts regulatory approvals remained pending.

• The 2027–29 plan is being developed, focused on profitable growth through organic development and selective acquisitions.