MAPFRE has reported strong results for MAPFRE RE, which includes its Reinsurance and Global Risks operations, with a profit of €256 million for the first nine months of 2025, marking a 23.6% increase compared with the same period in 2024.
Within this figure, the Reinsurance business contributed €225 million, achieving a combined ratio of 94.1%, while the Global Risks division delivered €31 million with a combined ratio of 89.3%. Overall, MAPFRE RE reported a total combined ratio of 93.8% for the period, improving by 1.8 percentage points, while maintaining a strong focus on prudent reserving.
“In the absence of significant claims in the third quarter, the most relevant event continues to be the California wildfires in January,” the company said.
Premiums for MAPFRE RE reached nearly €6.4 billion in the first nine months of 2025, up 1.3% on the same period in 2024. This includes almost €5 billion from the Reinsurance business and €1.4 billion from Global Risks.
At group level, MAPFRE’s net result increased 26.8% to €829 million over the first nine months of 2025. Total written and accepted premiums rose 3.5% year-on-year to €22.38 billion, driven mainly by strong growth in the Life segment.
Life premiums increased 9.7% to €5.08 billion, supported by a 24.1% rise in Life Savings and a 9.2% increase in Life Reinsurance, partly offset by a 4.5% decline in Life Protection. Non-Life premiums edged up 1.8% to €17.30 billion, with Accident & Health leading growth at 4.9%, while General P&C declined 2.6%.
The Non-Life combined ratio improved by 2.2 percentage points to 92.6%, reflecting a better loss ratio of 65.1%.
MAPFRE noted that results for the period were impacted by a €78.6 million partial goodwill write-down in Mexico and the derecognition of deferred tax assets in Italy and Germany. Excluding these effects, the net result would have stood at €908 million.
Antonio Huertas, Chairman of MAPFRE, commented: “In line with our Strategic Plan, we have once again achieved profitable growth across all regions and business lines this quarter. The company’s solid performance allows us to increase the dividend to shareholders for the fourth consecutive time.”