Analyst & Investor Presentation
October 31st 2025 1
Interim dividend increased to 7 cents per share on the back of strong profitability
PREMIUMS
€22,384 mn
+3.5%
+7.8% at constant exchange rates
+13.6% at constant exchange rates
+6.3% at constant exchange rates
+9.7%
€5,080 mn
LIFE
+1.8%
NON-LIFE €17,304 mn
CLAIMS 65.1% -2.3 p.p.
EXPENSES 27.5% 0.1 p.p.
NON-LIFE
COMBINED RATIO
92.6% -2.2 p.p.
€829 mn
NET RESULT
+26.8%
Adjusted*
€908 mn +22.1%
ROE**
12.4%
+1.5 p.p.
+1.3 p.p.
13.3%
Adjusted*
CAPITAL
Shareholders' equity
€8,924 mn
+4.9%**
Solvency II Ratio***
208.7%
**
*Without the impact on results from:
9M 2025: €78.6 mn from the partial goodwill writedown in Mexico and from the derecognition of deferred tax assets in Italy and Germany 9M 2024: €90.0 mn from the partial goodwill writedown in Verti Germany
** Variation compared to December 31, 2024
*** As of June 2025
Local accounting 3
NORTH AMERICA
€99 mn +40.6%
LATAM
€340 mn +11.3%
IBERIA
€347 mn +22.5%
MAPFRE RE
€256 mn +23.6%
Noteworthy combined ratio (93.8%) Ongoing reinforcement of reserve prudence
Significant improvement thanks to technical measures, both in Motor and General P&C Excellent combined ratio (95.7%)
Strong performance in Brazil, Mexico, Peru and Colombia Outstanding combined ratio (83.3%)
Tailwinds from high financial income
Highly diversified with relevant General P&C and Life contributions Improved technical management
Consolidated recovery of Motor combined ratio (98.5%)
Net result
Implementation of Strategic Plan on track, with strong performance in core businesses
DIVIDENDS
PROVEN
DIVIDENDS PAID
COMMITMENT
2025*
€508 mn
TO SHAREHOLDERS 2024
Dividends
paid*
€508 mn
16.5
cents per
share
Dividend
yield*
>5%**
Interim
dividend
7
cents per
share
2023
2025
2022
2021
€477 mn
€447 mn
€447 mn
€416 mn
*Includes interim dividend to be paid on November 28, 2025
**2025 calculated with volume weighted average share price at September 30, 2025
5
Regions and business units
ROE
9M 2025 | ∆% | |
IBERIA | 13.2% | 1.8 p.p. |
BRAZIL | 27.1% | 1.2 p.p. |
TOTAL LATAM | 18.6% | 0.7 p.p. |
NORTH AMERICA | 10.0% | 1.8 p.p. |
MAPFRE RE | 14.8% | 0.7 p.p. |
KEY FIGURES AND RATIOS
Premiums | Net result | Non-Life Combined | ratio | |
9M 2025 Δ % | 9M 2025 Δ % | 9M 2025 | Δ % | |
IBERIA | 7.823,7 9,3% | 347,3 22,5% | 95,9% | -2,5 p.p. |
BRAZIL | 3.311,6 -11,5% | 199,1 6,1% | 72,1% | -2,0 p.p. |
OTHER LATAM | 4.139,2 3,6% | 140,7 19,4% | 96,0% | -3,0 p.p. |
TOTAL LATAM | 7.450,8 -3,7% | 339,9 11,3% | 83,3% | -2,2 p.p. |
NORTH AMERICA | 2.040,5 -4,0% | 99,2 40,6% | 95,7% | -2,7 p.p. |
EMEA | 1.235,5 13,3% | 7,1 138,2% | 106,7% | -6,5 p.p. |
TOTAL INSURANCE | 18.550,5 2,4% | 793,5 23,8% | 92,2% | -2,5 p.p. |
REINSURANCE | 4.956,8 2,3% | 224,9 25,8% | 94,1% | -1,9 p.p. |
GLOBAL RISKS | 1.413,4 -2,0% | 31,1 9,8% | 89,3% | 1,0 p.p. |
TOTAL MAPFRE RE | 6.370,2 1,3% | 256,0 23,6% | 93,8% | -1,8 p.p. |
ASSISTANCE (MAWDY) | 166,7 6,6% | 3,1 -37,0% | 92,6% | -1,4 p.p. |
Holding expenses and other | (2.703,7) 7,9% | (223,7) -- | -- | -- |
Combined ratio
9M 2025
Δ %
TOTAL | 22.383,8 | 3,5% | 829,0 | 26,8% | 92,6% | -2,2 p.p. |
TOTAL (w/o extraordinaries)* | -- | -- | 907,5 | 22,1% | -- | -- |
Non-Life Loss ratio | 65.1% | -2.3 p.p. | ||
Non-Life Expense ratio | 27.5% | 0.1 p.p. | ||
Non-Life | 92.6% | -2.2 p.p. | ||
General P&C | 80.5% | -0.5 p.p. | ||
Auto | 99.6% | -4.6 p.p. | ||
Accident & Health | 96.8% | -3.0 p.p. | ||
Life Protection | 84.6% | -0.8 p.p. | ||
*Extraordinary impacts in the line Holding expenses and other includes:
9M 2025: -€78.6 mn from the partial goodwill writedown in Mexico (-€38.4 mn), and the derecognition of deferred tax assets in Italy (-€30.8 mn) and Germany (-€9.4 mn) 9M 2024: -€90.0 mn from the partial goodwill writedown in Verti Germany
Key figures
GENERAL P&C - MAIN REGIONS
Premiums | Attributable result | Combined ratio | |||||
9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | |
MAPFRE GROUP | 6,758 | 6,581 | -2.6% | 306.6 | 315.7 | 81.1% | 80.5% |
IBERIA | 2,084 | 2,223 | 6.7% | 120.7 | 109.5 | 93.4% | 94.2% |
BRAZIL | 2,142 | 1,921 | -10.3% | 116.5 | 127.6 | 64.9% | 63.3% |
NORTH AMERICA | 687 | 631 | -8.1% | 37.3 | 41.2 | 85.0% | 83.1% |
Combined ratios
IBERIA
BRAZIL
NORTH AMERICA
Key figures
Premiums
Insured units (mn)
Attributable result
Combined Ratio
AUTO - MAIN REGIONS
9M 2024 | 9M 2025 | Δ % | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | |
MAPFRE GROUP | 4,829 | 4,941 | 2.3% | 12.84 | -1.0% | -16.8 | 95.5 | 104.2% | 99.6% |
IBERIA | 1,860 | 1,920 | 3.2% | 5.72 | -4.2% | -30.6 | 51.6 | 104.7% | 98.5% |
BRAZIL | 444 | 399 | -10.0% | 1.16 | -6.5% | 11.0 | 10.9 | 101.1% | 101.4% |
NORTH AMERICA | 1,246 | 1,227 | -1.5% | 1.24 | -5.0% | 27.9 | 52.4 | 100.8% | 97.6% |
Combined ratios
IBERIA
BRAZIL
NORTH AMERICA
OTHER: Mainly OTHER LATAM and EMEA (Malta)
PROTECTION: 275 (+1.9%)
SAVINGS: 2,177 (+23.0%)
Premiums > Insurance units
Life technical-financial result
9M 2024
9M 2025
Δ YoY
Total MAPFRE Group | 540.4 | 496.6 | -8.1% |
Insurance Units | 515.7 | 488.9 | -5.2% |
of which: IBERIA | 194.0 | 150.8 | -22.3% | ||
BRAZIL | 246.6 | 267.9 | 8.6% | ||
OTHER | 75.1 | 70.2 | -6.6% | ||
Total MAPFRE Group includes reinsurance | |||||
Life attributable result | |||||
9M 2024 | 9M 2025 | Δ YoY | |||
Total MAPFRE Group | 233.4 | 180.0 | -22.9% | ||
of which: | |||||
IBERIA | 131.1 | 91.7 | -30.0% | ||
BRAZIL | 48.1 | 50.8 | 5.6% | ||
OTHER | 54.2 | 37.5 | -30.9% | ||
Total MAPFRE Group includes reinsurance | |||||
KEY FIGURES - LIFE BUSINESS
*Net of shadow accounting adjustments
Of which:
Brazilian real: +19
US dollar: -295
Turkish lira: -10
Other: -67
Other includes mainly Latin American currencies
Shareholders' Equity
Solvency II
CAPITAL POSITION & CREDIT METRICS
Capital structure | ||||
12.31.2024 | 09.30.2025 | %Δ YTD | ||
Total equity | 9,603 | 10,035 | 4.5% | |
Total debt | 2,673 | 2,610 | -2.4% | |
Senior debt | 865 | 862 | -0.3% | |
Subordinated debt | 1,630 | 1,615 | -0.9% | |
Bank financing | 178 | 132 | -25.7% | |
Leverage ratio | 21.8% | 20.6% | -1.1 p.p. | |
12.31.2024 | 06.30.2025 | %∆ YTD | |
Solvency II ratio | 207.4% | 208.7% | 1.2 p.p. |
Eligible Own Funds | 10,077 | 10,290 | 2.1% |
Solvency Capital Requirement | 4,858 | 4,931 | 1.5% |
Balance at 12.31.2024 | 8,508 |
Result for the period | 829 (293) 253 (354) (20) |
Dividends | |
Net unrealized capital gains of AFS portfolio* | |
Currency conversion differences | |
Other | |
Balance at 09.30.2025 | 8,924 |
Government fixed income | 23.0 | 0.1% |
Spain | 9.5 | -0.7% |
Rest of Europe | 4.6 | 7.0% |
United States | 1.7 | -5.8% |
Brazil | 2.9 | 6.5% |
Rest of LATAM | 3.5 | 6.3% |
Other | 0.8 | -39.9% |
ASSETS UNDER MANAGEMENT
Corporate fixed income | 10.1 | 3.4% |
Real Estate* | 1.8 | -0.6% |
Equity and Mutual Funds | 4.2 | 12.9% |
Cash | 1.9 | 10.4% |
Unit-Linked | 3.9 | 21.0% |
Other investments | 2.5 | 3.2% |
Total investment portfolio | 47.5 | 3.8% |
Investment portfolio
€45.7
€47.5
Total assets under management
Market value (€bn)
09.30.2025 Δ
Pension Funds | 7.3 | 4.3% |
Mutual Funds & Other | 8.3 | 25.0% |
Total AuM | 63.1 | 6.2% |
* Measured at net book value; includes real estate for own use
Other investments: includes interest rate swaps, investments in associates, accepted reinsurance deposits and others
Non-Life net financial income - Main units
9M 2024
9M 2025
Δ %
Fixed income portfolios
Accounting Yield
IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to September 2025 duration would be approximately 2.69.
BRAZIL portfolio includes MAPFRE SEGUROS and BRASILSEG.
*Realized gains and losses net of tax and minorities include
provisions and gains from real estate
Net realized gains and losses*
9M 2024
9M 2025
EUROZONE
ACTIVELY MANAGED
OTHER MAIN
UNITS
IBERIA NON-LIFE |
MAPFRE RE NON-LIFE |
IBERIA LIFE |
BRAZIL |
OTHER LATAM |
NORTH AMERICA |
Market value (€bn) | % | ∆ YTD | Market yield (%) | Modified duration (%) | ||||
4.22 | 2.54 | -0.08 | 3.63 | 5.99 | ||||
4.77 | 3.47 | 0.47 | 3.38 | 2.93 | ||||
3.94 | 3.64 | -0.09 | 3.37 | 5.10 | ||||
2.42 | 12.73 | 2.40 | 13.29 | 1.65 | ||||
3.63 | 7.06 | -0.04 | 6.65 | 5.66 | ||||
1.80 | 3.19 | 0.22 | 4.72 | 4.20 |
FIXED INCOME PORTFOLIOS & NET FINANCIAL INCOME
IBERIA | 118.0 | 135.7 | 15.0% |
BRAZIL | 62.8 | 72.4 | 15.2% |
OTHER LATAM | 135.1 | 90.3 | -33.1% |
NORTH AMERICA | 71.0 | 65.8 | -7.3% |
EMEA | 66.8 | 83.4 | 25.0% |
MAPFRE RE | 114.7 | 124.7 | 8.7% |
TOTAL | 486.4 | 529.1 | 8.8% |
IBERIA | 34.9 | 29.4 |
Non-Life | 3.8 | 17.6 |
Life | 31.1 | 11.7 |
NORTH AMERICA | 0.7 | 3.2 |
MAPFRE RE | (0.5) | (3.8) |
TOTAL | 35.1 | 28.7 |
CLOSING REMARKS
Improving profitability across all countries, regions and business units Highly diversified business model
Strong financial income Resilient balance sheet
Technical excellence and profitable growth Internal transformation and efficiency improvements
Well-positioned to navigate the current market context
Dividend increase reflects our confidence in the future and commitment to shareholders
INVESTOR RELATIONS
CONTACTS
Email: IR@mapfre.com
Telephone: (+34) 91 581 23 18
Corporate website: https://www.mapfre.com
Financial documentation center: https://www.mapfre.com/en/financial-information/
Leandra Clark Head of Investor
Relations & Capital Markets clarkle@mapfre.com
Leslie Hoffman Investor Relations lhoffma@mapfre.com
Lidia Bermúdez Investor Relations bclidi2@mapfre.com
Beatriz Ranea Investor Relations braneas@mapfre.com
Yongzheng (Fabby) Chen Investor Relations chenyon@mapfre.com
UPCOMING EVENTS*:
12 Nov
19 Nov
14 Jan
15 Jan
16 Jan
21 Jan -11 Feb
12 Feb
13 Mar
BNP Paribas Exane Future of Financials (London) Foro Latibex (Virtual)
BNP Paribas Exane Spain Investors Day (Madrid) BofA SMID C-Suite (London)
Citi European Insurance (Virtual) Blackout
12M 2025 Activity Update
Annual General Shareholders' Meeting
* Main events; dates subject to change 14
Annex
Local accounting
PREMIUMS
TOTAL PREMIUMS
€22,384 mn +3.5%
+7.8%
At constant exchange rates
MAIN LINES OF BUSINESS
Million euros
Local accounting 16
INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT
Eurozone - Fixed income portfolios - Actively managed
Other main regions and units - Fixed income portfolios
IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to September 2025 duration would be approximately 2.69. BRAZIL portfolio includes MAPFRE SEGUROS and BRASILSEG.
P&L by business unit (I/II)
IBERIA | BRAZIL | NORTH AMERICA | EMEA | OTHER LATAM | ||||||||
SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | |||
Gross written and accepted premiums | 5,119.7 | 5,372.0 | 2,585.3 | 2,320.1 | 2,124.9 | 2,039.5 | 976.4 | 1,109.7 | 3,065.4 | 3,054.6 | ||
Net premiums earned | 3,878.6 | 4,182.9 | 1,752.7 | 1,728.2 | 1,389.9 | 1,404.0 | 568.4 | 630.2 | 1,475.3 | 1,517.5 | ||
Net claims incurred and variation in other technical provisions | (2,945.1) | (3,063.2) | (639.8) | (576.9) | (988.5) | (971.7) | (498.6) | (534.3) | (1,015.6) | (998.0) | ||
Net operating expenses | (834.0) | (908.7) | (659.2) | (668.8) | (390.3) | (393.4) | (142.1) | (133.7) | (426.0) | (440.9) | ||
Other technical revenue and expenses | (36.0) | (38.2) | (0.0) | 0.2 | 9.8 | 20.7 | (2.8) | (4.2) | (18.7) | (17.8) | ||
Technical result | 63.6 | 172.8 | 453.7 | 482.8 | 20.9 | 59.7 | (75.1) | (42.0) | 14.9 | 60.9 | ||
Net financial income | 118.0 | 135.7 | 62.8 | 72.4 | 71.0 | 65.8 | 66.8 | 83.4 | 135.1 | 90.3 | ||
Other non-technical revenue and expenses | (31.2) | (28.6) | (1.5) | 0.4 | (0.3) | (0.2) | 1.4 | (2.8) | (0.5) | 0.2 | ||
Result of Non-Life business | 150.4 | 279.9 | 515.0 | 555.5 | 91.6 | 125.4 | (7.0) | 38.6 | 149.5 | 151.4 | ||
Gross written and accepted premiums | 2,039.7 | 2,451.7 | 1,155.6 | 991.5 | 0.8 | 1.0 | 113.9 | 125.8 | 931.3 | 1,084.6 | ||
Net premiums earned | 2,013.8 | 2,425.2 | 1,007.3 | 948.8 | 0.9 | 0.9 | 109.4 | 121.6 | 782.7 | 890.9 | ||
Net claims incurred and variation in other technical provisions | (2,352.1) | (2,771.0) | (401.3) | (351.5) | (0.7) | (0.6) | (184.1) | (153.3) | (504.2) | (578.0) | ||
Net operating expenses | (126.0) | (134.8) | (480.7) | (474.9) | (0.5) | (0.4) | (14.0) | (15.5) | (363.1) | (399.4) | ||
Other technical revenue and expenses | (14.1) | (16.1) | (0.6) | 1.5 | 0.0 | 0.0 | 0.9 | 1.1 | (4.9) | (4.6) | ||
Technical result | (478.3) | (496.6) | 124.7 | 123.9 | (0.3) | (0.1) | (87.7) | (46.1) | (89.5) | (91.1) | ||
Financial result and other non-technical revenue | 672.3 | 647.4 | 121.9 | 144.0 | 0.4 | 0.5 | 98.9 | 58.1 | 153.4 | 148.9 | ||
Result of Life business | 194.0 | 150.8 | 246.6 | 267.9 | 0.1 | 0.3 | 11.2 | 12.0 | 63.9 | 57.8 | ||
Result from other business activities | 40.4 | 46.5 | 6.7 | 14.2 | (1.0) | (0.6) | (0.3) | 0.5 | 6.9 | 4.0 | ||
Hyperinflation adjustments | (0.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (19.8) | (19.8) | (48.3) | (12.6) | ||
Result before tax | 384.8 | 477.2 | 768.3 | 837.6 | 90.6 | 125.1 | (15.9) | 31.3 | 172.1 | 200.6 | ||
Tax on profits | (81.0) | (103.3) | (175.7) | (209.1) | (21.0) | (26.1) | 4.5 | (15.3) | (46.7) | (51.7) | ||
Result from discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
Non-controlling interests | (20.4) | (26.6) | (404.9) | (429.4) | 1.0 | 0.3 | (7.2) | (8.8) | (7.6) | (8.2) | ||
Attributable net result | 283.4 | 347.3 | 187.7 | 199.1 | 70.6 | 99.2 | (18.6) | 7.1 | 117.8 | 140.7 | ||
Loss ratio | 75.9% | 73.2% | 36.5% | 33.4% | 71.1% | 69.2% | 87.7% | 84.8% | 68.8% | 65.8% | ||
Expense ratio | 22.4% | 22.6% | 37.6% | 38.7% | 27.4% | 26.5% | 25.5% | 21.9% | 30.1% | 30.2% | ||
Combined ratio | 98.4% | 95.9% | 74.1% | 72.1% | 98.5% | 95.7% | 113.2% | 106.7% | 99.0% | 96.0% | ||
IBERIA | BRAZIL | NORTH AMERICA | EMEA | OTHER LATAM | ||||||
DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | |
Investments, real estate and cash | 23,515.7 | 24,357.7 | 3,165.4 | 3,232.0 | 2,592.1 | 2,467.3 | 3,697.4 | 3,766.2 | 4,663.3 | 4,917.6 |
Technical provisions | 22,487.8 | 23,305.0 | 4,861.1 | 5,095.6 | 3,183.1 | 2,833.4 | 3,649.8 | 3,709.2 | 6,567.7 | 5,858.3 |
Shareholders' equity | 3,264.0 | 3,297.1 | 928.6 | 1,041.9 | 1,254.8 | 1,241.1 | 533.6 | 552.6 | 1,353.6 | 1,465.8 |
ROE | 11.4% | 13.2% | 25.9% | 27.1% | 8.2% | 10.0% | -5.8% | -0.9% | 11.8% | 12.7% |
P&L by business unit (II/II)
MAPFRE RE | ASISTENCIA-MAWDY | CONS. ADJUST. & CORPORATE AREAS | TOTAL | ||||||
SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | SEPTEMBER 2024 | SEPTEMBER 2025 | ||
Gross written and accepted premiums | 5,898.1 | 5,944.8 | 156.5 | 166.7 | (2,934.8) | (2,703.7) | 16,991.4 | 17,303.8 | |
Net premiums earned | 3,033.8 | 3,255.1 | 148.9 | 133.3 | 0.0 | (0.0) | 12,247.6 | 12,851.3 | |
Net claims incurred and variation in other technical provisions | (2,084.7) | (2,152.0) | (87.1) | (75.8) | 2.9 | 2.5 | (8,256.5) | (8,369.3) | |
Net operating expenses | (805.2) | (891.4) | (49.4) | (41.3) | 10.3 | 4.2 | (3,296.0) | (3,474.0) | |
Other technical revenue and expenses | (8.6) | (9.2) | (3.4) | (6.2) | (0.1) | 0.2 | (59.7) | (54.5) | |
Technical result | 135.2 | 202.4 | 9.0 | 9.9 | 13.1 | 6.9 | 635.3 | 953.4 | |
Net financial income | 114.7 | 124.7 | 0.8 | (0.6) | (82.8) | (42.7) | 486.4 | 529.1 | |
Other non-technical revenue and expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.2 | (31.6) | (30.8) | |
Result of Non-Life business | 249.9 | 327.2 | 9.8 | 9.3 | (69.2) | (35.6) | 1,090.0 | 1,451.7 | |
Gross written and accepted premiums | 389.7 | 425.4 | 0.0 | 0.0 | (0.0) | 0.0 | 4,631.0 | 5,080.0 | |
Net premiums earned | 356.5 | 410.4 | 0.0 | 0.0 | 0.0 | 0.0 | 4,270.5 | 4,797.8 | |
Net claims incurred and variation in other technical provisions | (259.8) | (327.5) | 0.0 | 0.0 | 0.0 | (0.0) | (3,702.2) | (4,181.9) | |
Net operating expenses | (106.4) | (116.3) | 0.0 | 0.0 | (0.0) | (0.0) | (1,090.7) | (1,141.4) | |
Other technical revenue and expenses | (1.4) | (1.1) | 0.0 | 0.0 | (0.0) | (0.0) | (20.1) | (19.2) | |
Technical result | (11.2) | (34.6) | 0.0 | 0.0 | 0.0 | 0.0 | (542.4) | (544.7) | |
Financial result and other non-technical revenue | 35.9 | 42.4 | 0.0 | 0.0 | (0.0) | (0.0) | 1,082.8 | 1,041.3 | |
Result of Life business | 24.7 | 7.7 | 0.0 | 0.0 | 0.0 | 0.0 | 540.4 | 496.6 | |
Result from other business activities | 0.0 | 0.0 | (1.2) | (3.1) | (171.1) | (175.6) | (119.5) | (114.2) | |
Hyperinflation adjustments | 0.0 | 0.0 | (0.5) | (0.5) | (0.0) | 0.0 | (68.6) | (32.9) | |
Result before tax | 274.6 | 334.9 | 8.1 | 5.7 | (240.3) | (211.1) | 1,442.3 | 1,801.3 | |
Tax on profits | (67.4) | (78.9) | (3.2) | (2.1) | 51.1 | 0.5 | (339.5) | (486.1) | |
Result from discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Non-controlling interests | (0.0) | (0.0) | 0.1 | (0.5) | (10.3) | (13.0) | (449.3) | (486.2) | |
Attributable net result | 207.2 | 256.0 | 4.9 | 3.1 | (199.5) | (223.7) | 653.5 | 829.0 | |
Loss ratio | 68.7% | 66.1% | 58.5% | 56.9% | 67.4% | 65.1% | |||
Expense ratio | 26.8% | 27.7% | 35.5% | 35.7% | 27.4% | 27.5% | |||
Combined ratio | 95.5% | 93.8% | 94.0% | 92.6% | 94.8% | 92.6% | |||
MAPFRE RE | ASISTENCIA-MAWDY | CONS. ADJUST. & CORPORATE AREAS | TOTAL | |||||
DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | DECEMBER 2024 | SEPTEMBER 2025 | |
Investments, real estate and cash | 7,469.1 | 8,038.0 | 219.3 | 246.6 | 402.3 | 442.9 | 45,724.6 | 47,468.3 |
Technical provisions | 9,318.0 | 9,412.5 | 134.0 | 136.0 | (4,212.5) | (4,055.6) | 45,989.0 | 46,294.4 |
Shareholders' equity | 2,442.1 | 2,669.4 | 130.1 | 136.3 | (1,398.5) | (1,480.4) | 8,508.3 | 8,923.9 |
ROE | 14.0% | 14.8% | 3.7% | 2.2% | 10.9% | 12.4% | ||
Regional data by segments (I/II)
Premiums | Attributable result | Combined ratio | ||||||||
IBERIA | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
LIFE | 2,039.7 | 2,451.7 | 20.2% | 131.1 | 91.7 | -30.0% | -- | -- | ||
LIFE PROTECTION | 269.8 | 274.8 | 1.9% | 56.5 | 52.6 | -6.9% | 67.5% | 67.3% | ||
LIFE SAVINGS | 1,769.9 | 2,176.9 | 23.0% | 70.5 | 38.0 | -46.2% | -- | -- | ||
AUTO | 1,860.5 | 1,920.4 | 3.2% | (30.6) | 51.6 | -- | 104.7% | 98.5% | ||
GENERAL P&C | 2,083.6 | 2,222.7 | 6.7% | 120.7 | 109.5 | -9.3% | 93.4% | 94.2% | ||
ACCIDENT & HEALTH | 910.0 | 937.9 | 3.1% | 14.9 | 38.1 | 156.1% | 99.5% | 95.0% | ||
BRAZIL | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
LIFE | 1,155.6 | 991.5 | -14.2% | 48.1 | 50.8 | 5.6% | -- | -- | ||
LIFE PROTECTION | 1,118.7 | 960.8 | -14.1% | 37.2 | 43.2 | 16.3% | 84.2% | 82.1% | ||
LIFE SAVINGS | 36.9 | 30.7 | -16.9% | 3.0 | 1.1 | -62.6% | -- | -- | ||
AUTO | 443.6 | 399.1 | -10.0% | 11.0 | 10.9 | -1.2% | 101.1% | 101.4% | ||
GENERAL P&C | 2,141.8 | 1,921.0 | -10.3% | 116.5 | 127.6 | 9.6% | 64.9% | 63.3% | ||
NORTH AMERICA | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
AUTO | 1,245.7 | 1,227.5 | -1.5% | 27.9 | 52.4 | 87.6% | 100.8% | 97.6% | ||
GENERAL P&C | 687.2 | 631.2 | -8.1% | 37.3 | 41.2 | 10.3% | 85.0% | 83.1% | ||
ACCIDENT & HEALTH | 39.0 | 44.4 | 13.8% | 1.4 | 3.1 | 112.7% | 95.7% | 91.8% | ||
Regional data by segments (II/II)
Premiums | Attributable result | Combined ratio | ||||||||
OTHER LATAM | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
LIFE | 931.3 | 1,084.6 | 16.5% | 37.0 | 32.1 | -13.1% | -- | -- | ||
LIFE PROTECTION | 727.0 | 783.7 | 7.8% | 32.0 | 21.6 | -32.4% | 95.1% | 96.0% | ||
LIFE SAVINGS | 204.3 | 301.0 | 47.3% | 1.4 | 10.4 | -- | -- | -- | ||
AUTO | 615.3 | 628.5 | 2.1% | 20.0 | 40.1 | 100.6% | 100.1% | 95.9% | ||
GENERAL P&C | 1,702.1 | 1,663.6 | -2.3% | 37.8 | 38.6 | 2.0% | 93.8% | 87.6% | ||
ACCIDENT & HEALTH | 703.4 | 727.0 | 3.4% | 11.5 | 17.1 | 49.1% | 100.8% | 99.6% | ||
EMEA | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
LIFE | 113.9 | 125.8 | 10.4% | 2.3 | 2.5 | 10.6% | -- | -- | ||
AUTO | 658.6 | 757.9 | 15.1% | (39.5) | (13.2) | 66.4% | 120.3% | 112.3% | ||
GENERAL P&C | 143.5 | 141.9 | -1.1% | 5.0 | 8.3 | 68.5% | 71.2% | 74.5% | ||
ACCIDENT & HEALTH | 153.8 | 185.3 | 20.5% | 9.3 | 13.3 | 42.2% | 97.9% | 94.9% | ||
MAPFRE S.A. | 9M 2024 | 9M 2025 | Δ % | 9M 2024 | 9M 2025 | Δ % | 9M 2024 9M 2025 | |||
LIFE | 4,631.0 | 5,080.0 | 9.7% | 233.4 | 180.0 | -22.9% | -- | -- | ||
LIFE PROTECTION | 2,130.0 | 2,033.9 | -4.5% | 126.6 | 118.5 | -6.4% | 85.4% | 84.6% | ||
LIFE SAVINGS | 2,111.3 | 2,620.6 | 24.1% | 75.6 | 50.6 | -33.1% | -- | -- | ||
AUTO | 4,829.3 | 4,941.0 | 2.3% | (16.8) | 95.5 | -- | 104.2% | 99.6% | ||
GENERAL P&C | 6,758.1 | 6,580.5 | -2.6% | 306.6 | 315.7 | 3.0% | 81.1% | 80.5% | ||
ACCIDENT & HEALTH | 1,806.2 | 1,894.6 | 4.9% | 35.4 | 69.8 | 97.4% | 99.8% | 96.8% | ||
TERMINOLOGY
Local homogenized accounting
Revenue/ Total Consolidated Revenue
Premiums/Written and Accepted premiums
Premiums earned, net of ceded and retroceded reinsurance
Premiums + Financial income from investments + Income from non-insurance companies and other income
Written premiums, direct insurance + premiums from accepted reinsurance
Direct insurance written premiums + accepted reinsurance premiums + ceded reinsurance premiums + Variations in provisions unearned premiums and unexpired risks (Direct Ins.) + Variations in provisions unearned premiums and unexpired risks (Accepted Reins.) + Variations in provisions unearned premiums and unexpired risks (Ceded Reins.).
Combined ratio - Non-Life Expense ratio + Loss ratio
Expense ratio - Non-Life Operating expenses, net of reinsurance - other net technical revenue / Net premiums earned
Loss ratio - Non-Life Net claims incurred + variation in other technical reserves + profit sharing and returned premiums / Net premiums earned
Holding expenses Includes expenses from Corporate Areas, consolidation adjustments, as well as the result attributable to MAPFRE RE and MAPFRE INTERNACIONAL's non-controlling interests and other concepts
ROE (Return on Equity) Attributable result for the last twelve months / Arithmetic mean of equity attributable to the controlling company at the beginning and closing of the period (twelve months) x 100
Leverage ratio Total Debt / (Total Equity + Total Debt)
Other investments Includes interest rate swaps, investments in associates, accepted reinsurance deposits and others
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Mapfre SA published this content on October 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 31, 2025 at 07:46 UTC.
