This article first appeared on GuruFocus .
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Net Attributable Profit:EUR1.08 billion, up nearly 20%.
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Gross Profit:Exceeded EUR2.4 billion, up 20%.
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Premiums:Over EUR29 billion, up 20%.
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Total Income:Exceeded EUR34 billion.
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Non-Life Combined Ratio:92.2%, a decrease of more than 2 points.
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ROE:12.4%.
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Shareholders' Equity:Over EUR8.9 billion, up more than 5%.
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Solvency Ratio:210% at the end of September.
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Final Dividend:EUR0.11 per share, a 15.8% increase.
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Total Dividends for 2025:EUR0.18 per share, up 12.5%.
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Net Profit - LatAm:EUR365 million.
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Net Profit - North America:Nearly EUR140 million, up 42%.
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Mapfre RE Profit:EUR381 million, up 17%.
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Insurance Revenue:Over EUR26 billion, up 3% at constant exchange rates.
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Net Result under IFRS:EUR1,133 million.
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Total Assets Under Management:Almost EUR65 billion, up 9% year-on-year.
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Third-Party Assets:Over EUR16 billion, up 20%.
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Mapfre SA ( MPFRY ) achieved a record net attributable profit of EUR1.08 billion, marking an increase of almost 20% from the previous year.
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Premiums reached an all-time high, exceeding EUR29 billion, up 20% year-on-year.
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The Non-Life combined ratio improved to 92.2%, the best in 15 years, with a significant reduction in the claim ratio to 65%.
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The company proposed a final dividend of EUR0.11 per share, a 15.8% increase, marking the highest dividend paid ever.
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Mapfre SA ( MPFRY ) maintained a strong capital base with a solvency ratio of 210% and shareholders' equity up over 5% to nearly EUR9 billion.
Negative Points
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Currency depreciations, particularly in the Brazilian real, US dollar, and Turkish lira, negatively impacted business volumes.
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Premium growth in euros was only 3.6%, though it would have been nearly 8% at constant exchange rates.
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The Life business in Colombia was affected by a negative impact from the loss company due to regulatory changes.
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In North America, premiums were down over 4% in euros due to US dollar depreciation.
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The company faced challenges in Mexico and Colombia due to regulatory changes, impacting VAT treatment and minimum wage increases.
Q & A Highlights
Q: What impact do you foresee from regulatory changes in Colombia and Mexico for 2026, and can you offset these with premium adjustments? A: (Antonio Huertas Mejias, CEO) The regulatory changes in Colombia and Mexico are significant but manageable. In Mexico, the VAT-related cost increase will be addressed through premium adjustments during renewals after the second quarter. In Colombia, the impact of the minimum wage increase is limited to specific life products already in runoff, so the impact is minimal.
Q: How does the North American business plan to handle potential weather-related claims, and what is the status of the AAA contract renewal? A: (Antonio Huertas Mejias, CEO) The North American business is prepared for standard weather events, and the recent storms have not had a material impact. Regarding the AAA contract, it will not be exclusive after 2026, but we have other distribution capacities to manage this transition smoothly.
Q: With most targets being met, will you consider more ambitious goals in your strategic plan? A: (Antonio Huertas Mejias, CEO) We are pleased with our current performance and are considering more ambitious targets, but any changes will be discussed at the AGM.
Q: How is AI expected to impact Mapfre's business and distribution channels? A: (Antonio Huertas Mejias, CEO) AI is being integrated into our distribution initiatives, enhancing customer service and product accessibility. While AI can improve efficiency, our model remains focused on personal relationships and expert advice.
Q: What is the outlook for Brazil's profitability given the anticipated interest rate changes? A: (Jose Luis Jimenez Guajardo-Fajardo, CFO) Lower interest rates in Brazil would positively impact our business, particularly in credit-linked protection insurance. We expect Brazil to benefit from economic improvements, supporting continued profitability.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
