Mapfre’s reinsurance arm Mapfre Re announced a net profit of 186 million euros in the first half of 2026, a year-on-year increase of 24.6%.
This performance was driven by strong results from the Reinsurance division, which increased net profit to more than €165 million, maintaining stable premium income despite weak market conditions and further improving underwriting profitability.
MAPFRE Global Risks also made a positive contribution to the first half results, generating profits of more than €20 million.
Premiums continued to be affected by falling market rates, with total premiums exceeding €4.3 billion, down 1.5% year-on-year. Reinsurance generated almost €3.4 billion in premiums (+0.3%), while Global Risks generated almost €1.0 billion, down 7.0%, reflecting the impact of currency depreciation as the majority of its policies are denominated in US dollars.
Mapfre Re’s combined ratio remained at 95.2%. In the first half of the year, no major losses occurred except for storms in Portugal and Spain in February. For the earthquake in Venezuela that occurred in late June, the maximum loss was conservatively estimated to be approximately 25 million euros. In the absence of other major events, Mapfre said it would continue to take a cautious approach, with reserves at the upper end of the confidence interval.
The combined ratio of the reinsurance business was 95.5%, and the combined ratio of the global risk business was 90.5%.
Portfolio returns had a very positive impact on non-life financial performance, increasing by 42.4%. In addition, equity gains of €26 million were achieved, compared with €6 million in 2025.
“These results demonstrate Mapfre Re’s ability to grow profitably in a challenging environment, supported by disciplined underwriting, prudent reserving practices and continued strong investment income and capital position,” Mapfre Re said in a recent LinkedIn post.
Mapfre reported group-wide net profit of €624.2 million, up 9.4% from €570.4 million in the first half of 2025.
Total premiums amounted to 16.1 billion euros, an increase of 1.1% from 15.9 billion euros.
Mapfre’s combined ratio improved from 93.1% to 92.8%, its loss ratio was 65.0%, compared with 66.0%, and its expense ratio was slightly higher at 27.8%, compared with 27.2%.
ROE reached 12.5% (13.4% excluding special items), and shareholders’ equity increased to nearly 9.6 billion euros.
