MAPFRE RE, which encompasses the Reinsurance and Global Risks businesses of Madrid-based insurer MAPFRE, has reported a combined ratio of 97.9% for Q1 2025, an increase of 4.1 percentage points from Q1 2024, driven by the California wildfires, which had an attributable impact of €85 million.
Despite the impact of catastrophe losses, MAPFRE RE’s premiums grew to nearly €2.4 billion in Q1 2025, representing a year-on-year increase of 10.6%.
Within this total, the Reinsurance business contributed over €1.7 billion, up 7.2%, while the Global Risks business grew by 20.7% to €645.2 million.
MAPFRE Group’s overall premiums rose by 5.4% in the first quarter, reaching almost €8.6 billion. The Group also posted a net result of €276 million for the quarter, up 27.6% compared to Q1 2024.
MAPFRE RE contributed €48.3 million to the Group’s net result. Of that, the Reinsurance business delivered a net profit of €38.3 million with a combined ratio of 98.5%, reflecting the impact of the wildfires. The Global Risks unit contributed €10 million, with a combined ratio of 89.9%.
Looking briefly at other segments for Q1 2025, MAPFRE’s Auto business showed notable technical improvements, contributing €51 million to the Group’s result.
In IBERIA, the net result reached €121 million, supported by a strong performance in the AUTO business and a combined ratio of 95.6%, an improvement of 4.1 percentage points.
NORTH AMERICA posted a result of €30 million and LATAM reported over €118 million in net income, a 25.4% increase from Q1 2025, with BRAZIL continuing to make a significant contribution to the region’s strong performance.
Antonio Huertas, Chairman and CEO of MAPFRE, commented, “The excellent results confirm our very positive expectations for MAPFRE in 2025, with more balanced results and better management ratios. In a constantly changing environment, our solid balance sheet allows us to look confidently to the future.”
