Mapfre (MAP) Q2 2025 earnings summary

Executive summary

• Net result for H1 2025 reached €570 million, up 23.6% year-over-year, with profitability gains across all regions and business lines.

• Premiums totaled nearly €16 billion, up 5.3% in euros and 10.2% at constant exchange rates, with strong technical improvements in Non-Life and Life segments.

• Diversification, technical management, and efficiency gains drive resilience and profitability.

• ROE stands at 12.2% (13.3% adjusted), and shareholders' equity is €8.5 billion.

• Positive outlook for 2025, with resilience to macroeconomic and geopolitical uncertainties and currency depreciation.

Financial highlights

• Premiums reached €15.95 billion, up 5.3% (+10.2% at constant FX); Non-Life up 2.5%, Life up 15.7%, Life Savings up 37.1%.

• Net result rose to €570 million (+23.6% year-over-year); IFRS net result €596 million (+20.6%).

• Non-Life combined ratio improved to 93.1% (down 2.6 p.p.); claims ratio 66.0%, expense ratio 27.2%.

• Solvency II ratio at 205.6% as of March 2025; shareholders' equity at €8.5 billion.

• Total assets under management reached €61.5 billion, up 3.6% from December 2024.

Outlook and guidance

• Positive outlook for the second half of 2025, with continued focus on technical improvement and profitable growth.

• Confident in ability to face headwinds from currency depreciation, inflation, and economic growth.

• ROE target remains at 11–12%, with potential for upside if current trends persist.

• Life insurance in Iberia expected to maintain positive momentum, supported by strong distribution network and less competition from banks.

• Reinsurance business outlook optimistic but cautious due to hurricane season; increased reserving for prudence.