Mapfre (MAP) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record highs in premiums, earnings, and profit, with net result rising 19.6% to €1.1 billion and pre-tax result 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, raising the final dividend to 11 cents per share and total payout to 18 cents (+12.5%), rewarding over 150,000 shareholders.

• ROE increased to 12.4% (13.3% adjusted); shareholders' equity up 5.3% to €8.96 billion.

Financial highlights

• Revenue exceeded €34 billion, up 4% year-over-year; premiums reached €29.1 billion (+3.6%), with Life premiums up 11.6% and Non-Life up 1.5%.

• Attributable profit reached €1.079 billion; net profit up 19.6% to €1.1 billion; pre-tax result over €2.4 billion.

• Combined ratio improved to 92.2% (down 2.3 p.p.), the best on record, with notable gains in auto and health lines.

• ROE at 13.3% (adjusted), 12.4% (accounting); solvency ratio at 210% as of September.

• Dividend payout ratio at 51.4%, totaling €554 million, the highest in company history.

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.

• Strategic Plan 2024-26 in final stretch, supported by business diversification and record results.