Mapfre Re, Mapfre’s Reinsurance and Global Risks arm, grew profit 11.8% to €286 million in the first nine months of 2026, helped by a 67.8% rise in its Non-Life financial result, even as its combined ratio worsened and it absorbed the impact of the earthquake in Colombia.
Mapfre Re’s premiums were broadly steady at €6.3 billion in the first nine months of 2026, with Mapfre citing declining reinsurance and insurance rates. Reinsurance rose 1% to €5 billion, while Global Risks fell 5.3% to €1.3 billion.
Mapfre said the financial result also benefited from significant realised gains after it adjusted the portfolio’s risk profile in response to current uncertainties.
The unit’s combined ratio rose 1.5 percentage points to 95.3%, with Reinsurance at 95.5% and Global Risks at 92.9%. Reinsurance contributed €259 million of profit and Global Risks €27 million.
Among the claims occurring in the period, the August earthquake in Colombia stood out, with an estimated attributable impact of €75 million.
The period also included storms in Portugal and Spain in February and the earthquake in Venezuela in June, and Mapfre said it is maintaining a prudent reserving approach.
At group level, Mapfre’s net profit for the first nine months of 2026 rose 11.5% to €924 million, while total premiums grew 2% to €22.8 billion, with Life up 5% and Non-Life up 1.1%.
Mapfre’s Non-Life combined ratio for the first nine months of 2026 rose 0.9 points to 93.5%, with the loss ratio at 65.6% and the expense ratio at 27.9%.
Iberia was the largest contributor to group profit in the first nine months of 2026, with an attributable result of €413 million, up 19%, and its Non-Life combined ratio improved 1.7 points to 94.2%.
LATAM earned €303 million, which Mapfre attributed to several natural and catastrophic events, primarily the Colombia earthquake. Brazil’s profit rose 2% to €203 million, with a Non-Life combined ratio of 75.7%. Other LATAM’s profit fell 28.8% to €100 million, with its combined ratio rising to 101%.
Within that, Mexico’s result fell to €19.6 million from €37.3 million, and Colombia posted a €10.8 million loss against a €13.8 million profit a year earlier, while Peru’s result rose to €41.7 million from €38.3 million.
North America posted a record result of €112 million, up 12.4%, with a Non-Life combined ratio of 94.9%, an improvement of 0.8 points.
Mapfre said its acquisition of Safety Insurance remains on track, with the antitrust review complete. Safety’s extraordinary shareholders’ meeting is scheduled for November 3; approvals from Massachusetts regulators are still required, and closing is expected in the first quarter of 2027.
EMEA recorded a loss of €2.4 million, against a €7.1 million profit a year earlier. Mapfre said the result was pressured by Italy, which lost €15 million after strengthening reserves for unprofitable business portfolios in the second quarter, while the rest of the region reported profits.
Antonio Huertas, Mapfre’s Group Executive Chairman, commented, “These results highlight Mapfre’s strength as we approach the final stage of our Strategic Plan. The continued profitable growth of our business and the increase in the dividend we have just announced reflect our ability to deliver sustained value to both customers and shareholders.
“Additionally, the acquisition of Safety Insurance, which continues on track, will strengthen our presence in the United States and enhance our growth prospects.”
