Mapfre (MAP) Q4 2025 earnings summary

Executive summary

• Net attributable profit rose 19.6% to €1.08 billion, surpassing €1 billion for the first time, with all regions contributing positively.

• Record premiums reached €29.15 billion, up 3.6% year-over-year, and consolidated revenue exceeded €34.5 billion.

• Combined ratio improved to 92.2%, the best in 15 years, reflecting strong technical performance.

• Largest dividend ever paid, totaling €554 million with a yield of 4.6%, and payout ratio at 51.4%.

• Strategic plan implementation and technical management improvements drove robust results and increased shareholder remuneration.

Financial highlights

• Non-Life premiums grew 1.5% to €22.47 billion; Life premiums increased 11.6% to €6.68 billion.

• Net result before taxes and minorities exceeded €2.4 billion for the first time.

• Shareholders' equity increased 5.3% to €8.96 billion; Solvency II ratio at 210.4%.

• Assets under management rose 9% to €64.7 billion.

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

Outlook and guidance

• Optimism for 2026, with continued value creation expected from business diversification and improved profitability.

• 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.