Mapfre has reported that Mapfre Re, which encompasses its Reinsurance and Global Risks businesses, delivered a record result of €381 million in 2025, an increase of 17.2% year on year, driven by prudent management and the absence of catastrophe events.
Of the total, the Reinsurance division contributed €329.5 million, posting a combined ratio of 91.7%, while the Global Risks business generated €51.5 million with a combined ratio of 84.8%.
Mapfre Re’s total combined ratio was 91.2% for 2025, an improvement of 2.4 percentage points, with relevant reserve strengthening during the year.
“There were no relevant claims in the fourth quarter. The most relevant event of the year continues to be the California wildfires in the first quarter,” Mapfre explained.
Meanwhile, Mapfre Re’s premiums amounted to nearly €8.4 billion in 2025, up marginally, though impacted by currency depreciation, mainly the US dollar.
Of the total premiums, the Reinsurance business contributed over €6.6 billion, and the Global Risks business contributed close to €1.8 billion.
Turning to Mapfre’s overall group figures for 2025, the company reported that profit before tax and minorities exceeded €2.4 billion for the first time.
Premiums rose 3.6% to a record high of more than €29 billion, including €22.47 billion from the non-life business and €6.68 billion from life.
Total insurance revenue increased to €26.35 billion, while the combined ratio improved to 92.2%, the best level in the company’s history.
Return on equity (ROE) stood at 12.4% for 2025, and shareholders’ equity grew 5.3% to nearly €9 billion.
Antonio Huertas, Group Executive Chairman of Mapfre, commented, “We enter the final stretch of the 2024-26 Strategic Plan with record results and a noteworthy improvement in profitability.
“We have surpassed 1 billion euros in net profit for the first time, and we have increased shareholder remuneration for the fifth consecutive time in the last three years.
“Thanks to our business diversification, we are optimistic about 2026 and confident we will continue to create value.”
