MAPFRE has reported 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 insurance group’s strong performance was attributed to the successful implementation of its strategic plan and improvements across most business lines.
The company’s total premiums reached nearly €8.6 billion, reflecting a 5.4% increase, or 8.1% at constant exchange rates. MAPFRE’s non-life operations continued to show improvement, with a combined ratio of 94.1%, down 1.7 percentage points from the previous year. The positive quarterly result was further supported by a significant contribution from financial income.
These latest results continue a positive trend from 2024, which MAPFRE CEO Antonio Huertas described as the “best in the company’s history.” For the full year 2024, MAPFRE reported an attributable result of €902 million, a 30% increase after accounting for 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.
The company’s auto segment showed significant improvement 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.
Regionally, IBERIA posted a net result of €121 million, up 65.6% year-on-year, with a combined ratio of 95.6%. North America 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, which encompasses the group’s reinsurance and GLOBAL RISKS businesses, reported earnings of €48 million. The result reflected the impact of wildfires in California and 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.”
