Mapfre (MAP) Q1 2025 earnings summary

Executive summary

• Net result rose 27.6% year-over-year to €276 million, reflecting strong execution of the Strategic Plan and improved profitability ratios.

• Premiums increased 5.4% to €8.6 billion, with Non-Life and Auto driving growth, while Life Savings remained volatile.

• Technical improvements in Non-Life, especially Auto, contributed to a combined ratio improvement to 94.1%.

• Strategic plan implementation is on track, with a more balanced earnings mix and resilience to market volatility.

• ROE improved to 11.7% (12.8% adjusted), and shareholders' equity stood at €8.4 billion, down 1.5% due to currency effects.

Financial highlights

• Total premiums reached €8.58 billion, up 5.4% year-over-year; Non-Life premiums rose 7.4%, led by General P&C and Auto.

• Net result was €276 million, a 27.6% increase year-over-year, driven by a 49.5% rise in Non-Life technical result and higher financial income.

• Non-Life combined ratio improved to 94.1%, down 1.7 p.p. year-over-year; loss ratio at 66.9%, expense ratio at 27.2%.

• Shareholders' equity at €8.4 billion (-1.5% from December 2024); Solvency II ratio at 207.4%, within target range.

• Life premiums declined 1.5%, mainly due to currency impacts in Latin America.

Outlook and guidance

• Strategic plan targets raised: ROE 11-12%, combined ratio 94-95%, and average premium growth >6% (excluding Life Savings) for 2024-2026.

• Confident in meeting updated financial targets for 2025, with further improvements expected in Motor and other core segments.

• Dividend growth to continue in line with profitability, with a minimum 50% payout ratio.

• Management expects continued balanced results and improved management ratios for 2025, supported by a solid balance sheet.