Fitch Raises Mapfre Issuer Rating to A+ and Upgrades Two Subordinated Debt Ratings
Key Facts
Fitch Ratings raised Mapfre’s issuer rating to A+ from A and maintained a stable outlook, according to a company disclosure to Spain’s securities market regulator on November 12, 2026. The decision also covered Mapfre’s Tier 2 subordinated obligations, which rose to BBB+ from BBB, and Tier 3 obligations, which rose to A- from BBB+. Fitch affirmed Mapfre Asistencia’s Insurer Financial Strength rating at AA-, with a stable outlook. The changes center on the issuer and subordinated debt ratings, while the outlooks remain stable across the ratings. Fitch attributed the upgrades to greater diversity in international earnings and the group’s reduced reliance on individual markets.
Fitch said the group’s international business earnings have become more diversified in recent years and its reliance on individual markets has declined. The agency’s assessment indicates that the geographic distribution of earnings has become a rating support, alongside Mapfre’s established position in its main markets. The group has leading positions in Spain and Latin America, as part of a business profile Fitch described as widely diversified. The company’s premiums exceeded €29 billion in 2025, providing context for the scale of operations supporting an earnings base spread across more than one market. The agency did not attribute its decision to lower borrowing costs or a specific improvement in investor confidence.
Among the factors Fitch cited was Mapfre’s acquisition of Safety Insurance, which it said would broaden earnings diversity and strengthen the group’s competitive position in the northeastern U.S. insurance market. The expected impact, according to the agency’s assessment, extends to the region’s personal and commercial insurance lines. Mapfre announced that the deal is an all-cash transaction valued at $1.54 billion, with closing expected in the first quarter of 2027, subject to customary closing conditions. Those conditions include regulatory approvals and approval by Safety shareholders. The company expects pre-tax synergies to exceed $30 million annually at full run-rate, and net income to rise by more than 5% once the full impact is reached, with full operating benefits expected within three years.
The decision comes as company data showed growth in premiums and earnings during 2026. In the first half, premiums rose 1.1% in euros, or 0.5% at constant exchange rates, while net profit increased 9.4% to €624 million. The non-life combined ratio improved to 92.8%, down 0.3 percentage points. In its nine-month results, premiums totaled €22,826.7 million, up 2.0%, while net profit attributable to shareholders reached €924.3 million, an increase of 11.5%. These results provide a more recent picture of the group’s performance alongside Fitch’s February report on 2025 results.
In its report issued on February 19, 2026, Fitch said net profit attributable to shareholders rose 17% in 2025 to €1.1 billion. It attributed the increase to an improvement in the non-life combined ratio to 90.2%, compared with 93.0% in 2024. The same report recorded a negative impact of €94 million on the group’s 2025 result due to tax changes in Mexico and administrative updates in Colombia. On capital strength, Mapfre’s Solvency 2 solvency ratio stood at 208.8% at the end of the first half of 2026. Eligible own funds also stood at nearly €11.6 billion on June 30, of which 84.2% was Tier 1.
Fitch also pointed to Mapfre’s moderate investment profile, citing the quality of its asset portfolio and a cautious investment policy. The agency said it expects the company to maintain strong earnings generation capacity over the medium term, in light of its assessment of performance, geographic diversification and capital strength. Fitch did not set a date for a subsequent ratings review in its decision disclosure. According to the company’s calendar, it is scheduled to publish its full-year 2026 activity update on February 11, 2027, providing a subsequent update to the published operating figures.