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 profit surpassing €2.4 billion for the first time, despite currency headwinds and a complex macroeconomic environment.

• Premiums grew 3.6% to €29.1 billion, or 7.8% at constant exchange rates, with all regions contributing positively.

• 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 geographic diversification driving flexibility and resilience.

• Final dividend raised to 11 cents per share, total payout of 18 cents (+12.5%), the largest in company history.

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 €1.1 billion, up 19.6% year-over-year; pre-tax result over €2.4 billion.

• Combined ratio improved to 92.2%, the best on record; loss ratio at 64.9%; ROE at 12.4% (accounting) and 13.3% (adjusted); solvency ratio at 210%.

• Dividend payout at a record €554 million, with a payout ratio of 51.4%.

• Shareholders' equity at €8.96 billion (+5.3%); assets under management up 9% to €64.7 billion.

Outlook and guidance

• Confident in facing 2026 with a robust, diversified business model and continued dividend growth.

• Expectation of macroeconomic stabilization and currency appreciation in key markets for 2026.

• Continued investment in digital transformation and AI, with over €1 billion invested annually.

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