MAPFRE announced a net profit of €276 million for the first quarter of 2025, marking a 27.6% increase compared to the same period last year. The group credited the strong performance to the successful execution of its strategic plan and improvements across most business lines.
Total premiums rose to nearly €8.6 billion, representing a 5.4% increase—or 8.1% at constant exchange rates. The company reported ongoing enhancements in its non-life operations, with the combined ratio improving by 1.7 percentage points to 94.1%. Financial income also contributed positively to the quarterly results.
This solid first-quarter performance builds on a record year in 2024, which CEO Antonio Huertas described as “the best in the company’s history.” For 2024, MAPFRE reported an attributable result of €902 million, reflecting a 30% increase after accounting for a €90 million goodwill impairment in Verti Germany. Total earnings for the year reached €992 million, up 29% from the previous year, while premiums grew by 4.5% to over €28.1 billion—or 6.6% at constant exchange rates. Total revenues approached €33.2 billion.
MAPFRE’s auto insurance segment achieved a technical turnaround in the first quarter of 2025, contributing €51 million to the group’s overall results—a €64 million improvement compared to the same period in 2024. Return on equity (ROE) reached 11.7%, rising to 12.8% when excluding extraordinary items. Shareholders’ equity stood at €8.4 billion, reflecting a slight 1.5% decline from the previous reporting period.
In the IBERIA region, MAPFRE posted a net result of €121 million, a 65.6% year-on-year increase, driven largely by improved performance in the auto insurance segment. In North America, the group reported a profit of €30 million, up 94.3%, continuing the region’s trajectory of financial improvement.
The LATAM region contributed over €118 million to MAPFRE’s quarterly profits, marking a 25.4% year-on-year increase, with Brazil highlighted as a key market underpinning regional growth.
Meanwhile, MAPFRE RE—covering the group’s reinsurance and GLOBAL RISKS businesses—generated earnings of €48 million. Results in this segment reflected the impact of wildfires in California, alongside a more conservative approach to reserving.
Finally, the company confirmed that the final dividend against 2024 earnings will be paid on May 29.
