Mapfre Re, the reinsurance and global risks arm of Madrid-based insurer Mapfre, has reported a net result of €85 million for the first quarter of 2026, up 76.8% compared to the same period a year earlier, with an improved combined ratio of 96.8%.
Mapfre Re attributed the improved results to prudent management and lower impacts from catastrophic events.
From the net result, the Reinsurance segment contributed €75 million, with a combined ratio of 97.4%, while the Global Risks business delivered €10.4 million, with a combined ratio of 89.2%.
In Q1’26, Mapfre Re’s premiums totalled €2.2 billion, down 7.9% year-on-year, impacted by currency depreciation—mainly the US dollar—and by the reduction of rates in the reinsurance market.
The Reinsurance business generated €1.6 billion (-6.0%) in premiums, while Global Risks contributed €561 million (-13.0%).
The investment portfolio returns continued to support performance, with the Non-Life financial result increasing 85.2%. In addition, €22.4 million in net gains were realised, compared to €3.9 million in 2025.
Group wide, Mapfre reported a net result of €311 million for the quarter, up 12.7% from €276 million in Q1’25, with all regions and business units contributing positively. Total revenue decreased 1.9% to €9.7 billion from €9.9 billion.
Premiums reached nearly €8.4 billion, down 2.2% from almost €8.6 billion a year earlier, impacted by currency depreciation, particularly the US dollar. At constant exchange rates, premiums were down 0.2%. Mapfre’s Non-Life combined ratio improved to 93.2% (-0.9 p.p.).
Return on equity (ROE) reached 12.9% (13.8% excluding extraordinary items), while shareholders’ equity remained stable at over €8.9 billion.
Antonio Huertas, Group Executive Chairman of Mapfre, said, “We have closed an excellent first quarter, confirming that we are on the right path to meet the targets of the Strategic Plan, despite the complex geopolitical context. Profitability continues to improve consistently across the majority of businesses, and we look to the year ahead with prudent optimism, based on the strength of our highly diversified business model.”
