Mapfre posts €924 million profit in nine months, up 11.5% year on year

Key Facts

Mapfre said net profit reached €924 million in the first nine months of 2026, up 11.5% year on year, according to a company statement dated October 28. Chief Executive Antonio Huertas said the results "reflect Mapfre's strength in the final phase of our strategic plan." Non-life business results rose 11.8% during the period, the company said. Mapfre estimated the cost to the group of the Colombia earthquake in August, after tax and minority interests, at about €83 million. On financial indicators, return on equity was 12.8%, up 0.4 percentage points from the same period a year earlier.

Equity rose to €9.445 million at the end of September, up 5.4% since the start of the year, according to Mapfre's statement. But non-life insurance performance showed signs of rising costs: the combined ratio was 93.5%, up 0.9 percentage points from the same period a year earlier. The loss ratio reached 65.6%, up 0.5 points, while the expense ratio was 27.9%, up 0.4 points. In Iberia, the company recorded a result of €413 million, up 19%, as the non-life combined ratio improved by 1.7 percentage points to 94.2%. North America posted a record result of €112 million, up 12.4%, and its combined ratio fell 0.8 points to 94.9%.

Mapfre Re, which includes reinsurance and global risks businesses, recorded a result of €286 million, up 11.8%, the company said. The unit's combined ratio was 95.3% and included the impact of the Colombia earthquake, according to the results statement. At group level, the increase in non-life business results came alongside an estimated earthquake cost of €83 million after tax and minority interests. The board approved an interim dividend of 8 euro cents per share from 2026 results, up 14.3% from the previous interim dividend. The dividend is due to be paid on November 26, the company said.

Regarding its expansion in the United States, Mapfre said its acquisition of Safety Insurance was progressing as planned, with completion expected in the first quarter of 2027. It added that the competition authorities' review had been completed, while a shareholder vote remained scheduled for November 3, along with approval from Massachusetts regulators. Huertas said the acquisition "will strengthen our presence in the United States and our growth prospects." Mapfre shares closed at €4.336 on October 27, up 0.60% in the session, according to the latest available close before the results announcement the following morning. That does not represent the share's movement after the results were released.