Mapfre Re, the reinsurance arm of Mapfre, has reported net earnings of €186 million in the first half of 2026, up 24.6% compared to the same period a year earlier.
The performance was driven by the strong results of the Reinsurance Unit, which increased net earnings to more than €165 million, maintained stable premium volumes despite softer market conditions, and further improved underwriting profitability.
MAPFRE Global Risks also made a positive contribution to first-half results, generating more than €20 million in earnings.
Premiums continued to be affected by the reduction of market rates, totalling more than €4.3 billion, down 1.5% year over year. The Reinsurance business generated almost €3.4 billion in premiums (+0.3%), while Global Risks generated close to €1 billion, a 7.0% decline, reflecting the impact of currency depreciation, as the majority of its policies are dollar denominated.
Mapfre Re maintained a combined ratio of 95.2%. During the first half of the year, no major loss events occurred, with the exception of storms in Portugal and Spain in February. Regarding the earthquakes in Venezuela in late June, a conservative loss estimate has been made, with a maximum attributable impact of around €25 million. In the absence of other significant events, Mapfre said it continues to take a prudent approach, with reserves at the upper end of the confidence interval.
The Reinsurance business posted a combined ratio of 95.5%, while Global Risks recorded a combined ratio of 90.5%.
Investment portfolio returns had a very positive impact on the non-life financial result, which increased by 42.4%. In addition, €26 million in attributable gains were realised, compared with €6 million in 2025.
In a recent LinkedIn post, Mapfre Re stated, “These results demonstrate Mapfre Re’s ability to deliver profitable growth in a challenging environment, supported by disciplined underwriting, prudent reserving practices and the continued strength of investment income and capital position.”
Group-wide, Mapfre reported a net result of €624.2 million, up 9.4% from €570.4 million in the first half of 2025.
Premiums totalled €16.1 billion, up 1.1% from €15.9 billion.
Mapfre’s combined ratio improved to 92.8% from 93.1%, with a loss ratio of 65.0% versus 66.0% and a slightly higher expense ratio of 27.8%, compared with 27.2%.
ROE reached 12.5% (13.4% excluding extraordinary items), and shareholders’ equity increased to almost €9.6 billion.
