Mapfre (MAP) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record highs in premiums, earnings, and profit, with net result rising 19.6% year-over-year to €1.1 billion, surpassing €1 billion for the first time, and gross profit before minorities and taxes exceeding €2.4 billion, despite currency headwinds and a complex macroeconomic environment.

• Benefited from favorable interest rates and absence of major global disasters, supporting investment portfolio value and profitability.

• Strategic plan execution remains on track, with strong product and geographical diversification driving resilience and flexibility.

• Announced the largest-ever dividend payout, rewarding over 150,000 shareholders, including many employees, with a final dividend proposed at 11 cents per share, total 18 cents (+12.5% year-over-year), and a payout ratio of 51.4%.

• ROE stands at 12.4% (13.3% excluding extraordinary items); shareholders' equity increases 5.3% to €8.96 billion.

Financial highlights

• Revenue exceeded €34 billion, up 4% year-over-year; premiums reached a record €29.1 billion, up 3.6% in euros and 7.8% at constant exchange rates.

• Net result before taxes and minorities exceeded €2.4 billion for the first time.

• Combined ratio improved to 92.2%, the best on record, with notable gains in auto and health lines.

• Assets under management grew 9% to €64.7 billion; investment funds up 32%, pension funds up 8%.

• Solvency II ratio at 210% (September), 210.4% as of September 2025.

Outlook and guidance

• Confident in maintaining robust performance and increasing dividends in 2026, supported by a diversified business model and ongoing digital transformation.

• Expectation of currency stabilization in key markets (Mexico, Brazil, USA) to provide tailwinds in 2026.

• Continued investment in technology and AI, with over €1 billion annually allocated to digital transformation.

• Optimism for 2026, with expectations to continue creating value and improving profitability.

• Business diversification and strong performance support positive outlook for the final stretch of the 2024-26 Strategic Plan.