Mapfre (MAP) Q3 2025 earnings summary

Executive summary

• Net result rose 26.8% to €829 million, with adjusted net result at €908 million, and ROE at 12.4% (over 13% excluding one-offs), reflecting strong profitability and growth across all regions and business lines despite macroeconomic and currency headwinds.

• Premiums grew 3.5% to over €22 billion, with constant currency growth at 7.8%.

• Interim dividend increased to 7 cents per share (+7.7%), with total 2025 dividend at 16.5 cents per share, marking the fourth consecutive increase and a record payout.

• Extraordinary impacts of €79 million from partial goodwill writedown in Mexico and derecognition of deferred tax assets in Italy and Germany.

• Strategic plan implementation is on track, with robust results in core businesses and improved technical management.

Financial highlights

• Total premiums grew 3.5% to €22.4 billion, with non-life premiums up 1.8% and life premiums up 9.7%.

• Non-life combined ratio improved by 2.2 points to 92.6%, with claims ratio at 65% and expense ratio at 27.5%.

• Shareholders' equity increased 4.9% to €8.9 billion; solvency II ratio at 208.7% as of June 2025.

• Investment portfolio grew 3.8% to €47.5 billion, with notable increases in equity/mutual funds and cash.

• Average dividend yield over 5% for 2025, and more than 7% over the last five years.

Outlook and guidance

• Positive outlook maintained, with focus on profitable growth, technical improvements, and prudent reserving.

• Dividend increases reflect confidence in ongoing performance and commitment to shareholders.

• Guidance updates pending board approval; current targets aligned with strategic plan ending next year.

• Expectation of further improvements in combined ratio and premium growth, especially in motor and life segments.

• Company is well-positioned to navigate current market conditions, supported by a resilient balance sheet and strong financial income.