Mapfre Re, the reinsurance and global risk arm of Madrid-based insurance company Mapfre, reported first-quarter 2026 net profit of €85 million, a year-on-year increase of 76.8%, with the combined ratio improving to 96.8%.
Mapfre Re attributed the improved performance to prudent management and a reduction in the impact of catastrophic events.
Looking at the net results, the reinsurance business contributed €75 million, with a combined ratio of 97.4%, while the global risk business contributed €10.4 million, with a combined ratio of 89.2%.
In the first quarter of 2026, Mapfre Re’s total premiums were 2.2 billion euros, a year-on-year decrease of 7.9%, affected by currency depreciation (mainly the US dollar) and falling reinsurance market interest rates.
The reinsurance business generated premiums of €1.6 billion (-6.0%), while global risks contributed €561 million (-13.0%).
Portfolio returns continued to support performance, with non-life insurance financial results increasing by 85.2%. In addition, net income of €22.4 million was achieved, compared with €3.9 million in 2025.
Mapfre reported a group-wide net profit of €311 million for the quarter, up 12.7% from €276 million in the first quarter of 2025, with all regions and business units making a positive contribution. Total revenue fell 1.9% from 9.9 billion euros to 9.7 billion euros.
Affected by currency depreciation, especially the US dollar, premiums amounted to nearly 8.4 billion euros, down 2.2% from nearly 8.6 billion euros in the same period last year. At constant exchange rates, premiums fell by 0.2%. Mapfre’s non-life insurance combined ratio improved to 93.2% (-0.9 percentage points).
Return on equity (ROE) reached 12.9% (13.8% before special items), while shareholders’ equity was stable at more than €8.9 billion.
Antonio Huertas, Executive Chairman of Mapfre Group, said: “Despite the complex geopolitical environment, our first quarter performance was excellent, which proves that we are on the right path to achieve the goals of our strategic plan. Profitability continues to improve in most businesses, and we are cautiously optimistic about the year ahead based on the advantages of our highly diversified business model.”
