MAPFRE posted a net profit of €276 million for the first quarter of 2025, representing a 27.6% increase compared to the same period last year.
The group attributed the performance to the implementation of its strategic plan and noted improvements across most business lines.
Total premiums reached nearly €8.6 billion, reflecting a 5.4% increase, or 8.1% at constant exchange rates. The company reported continued improvement in its non-life operations, with a combined ratio of 94.1%, down 1.7 percentage points. A positive contribution from financial income also supported the quarterly result.
The company’s latest results continue a trend from 2024, which MAPFRE CEO Antonio Huertas (pictured) called the “best in the company’s history.” For that year, MAPFRE reported an attributable result of €902 million for 2024, reflecting a 30% increase after applying a €90 million goodwill write-down in Verti Germany.
Total earnings reached €992 million, marking a 29% increase from the previous year. Premiums grew by 4.5% to over €28.1 billion, with a 6.6% increase at constant exchange rates. Total revenue stood at nearly €33.2 billion.
MAPFRE’s auto segment registered a technical turnaround in Q1 2025, contributing €51 million to the overall result – an improvement of €64 million compared to the first quarter of 2024. Return on equity (ROE) reached 11.7%, or 12.8% when excluding extraordinary items. Shareholders’ equity stood at €8.4 billion, marking a 1.5% decline from the previous reporting period.
The IBERIA region posted a net result of €121 million, up 65.6% year-on-year, with a combined ratio of 95.6%. The company cited performance in the auto segment as a major factor in this regional outcome. In North America, MAPFRE reported a profit of €30 million, up 94.3%, continuing the region’s recent trend of improved financial results.
The LATAM region contributed more than €118 million to the group's quarterly profit, a 25.4% increase, with Brazil noted as a key market in the region’s performance.
MAPFRE RE, encompassing the group’s reinsurance and GLOBAL RISKS businesses, reported earnings of €48 million. The result reflected the impact of wildfires in California and included a more conservative approach to reserves.
The company confirmed that the final dividend against 2024 earnings will be paid on May 29.
“The excellent results confirm our very positive expectations for MAPFRE in 2025, with more balanced results and better management ratios,” Huertas said. “In a constantly changing environment, our solid balance sheet allows us to look confidently to the future.”
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