Mapfre (MAP) Q4 2025 earnings summary

Executive summary

• Net attributable profit reached €1.08 billion, up 19.6% year-over-year, with gross profit exceeding €2.4 billion and premiums at a record €29.1 billion, both up 3.6% in euros and nearly 8% at constant exchange rates.

• Total income surpassed €34.5 billion for the first time, outperforming updated financial targets despite negative currency impacts.

• Combined ratio improved to 92.2%, the best in 15 years, with ROE at 12.4% (13.3% adjusted); shareholders' equity rose 5.3% to €8.96 billion.

• Largest-ever dividend proposed at €0.18 per share (+12.5%), total payout €554 million, yield 4.6%, payout ratio 51.4%.

• Strategic plan implementation and technical management improvements drove strong performance in core businesses.

Financial highlights

• Non-Life premiums grew 1.5% in euros (6% at constant FX); Life premiums up 11.6% in euros (14.7% at constant FX).

• IFRS net result was €1,133 million, €54 million higher than local GAAP, with positive impacts from IFRS 17 and IFRS 9.

• Gross CSM reached €2.6 billion, up almost 4%; Contractual Service Margin (net) up 5.7% to €1.65 billion.

• Assets under management rose 9% to €64.7 billion; investment portfolio at €48.4 billion, 82.6% in fixed income.

• Solvency II ratio at 210.4% as of September 2025.

Outlook and guidance

• Focus for 2026 is on growth in profitable segments, especially motor, with optimism for continued strong performance.

• Currency impacts expected to be more benign in 2026; financial income anticipated to remain a tailwind.

• Strategic plan targets: >6% average growth in written premiums (excl. Life Savings), ROE of 11–12%, combined ratio of 94–95%, solvency ratio around 200%.

• Sustainability goals: carbon neutrality in 15 countries by 2026, >95% ESG investments, 36% women in management.

• Guidance to be updated at the 2026 AGM, with a new strategic plan starting in 2027.