Fitch upgrades outlook for MAPFRE to positive

Fitch Ratings, a credit rating agency, has upgraded the outlook for MAPFRE, a multinational insurance company, from Stable to Positive.

Additionally, Fitch has affirmed MAPFRE’s issuer rating at A- and the Group’s financial strength rating at A+.

“The positive outlook reflects the improvement in MAPFRE’s financial results and earnings. The ratings also reflect the company’s strong profile, as well as its capitalisation and leverage,” explains the agency.

In addition to its positive assessment of MAPFRE’s 2024 results, Fitch anticipates a strong performance for the Group in 2025.

The agency expects MAPFRE to achieve solid results, driven by the corrective actions implemented across its key business sectors and regions.

“We expect profitability to remain strong and we believe that MAPFRE should be able to reach its combined ratio target of approximately 96-95% in 2025, in the absence of major catastrophic events,” it adds.

Fitch underscores MAPFRE’s “very strong” business profile, citing its leadership positions, especially in Spain and Latin America, along with its established diversification across geographic regions and business sectors. This diversification contributes to the stability of the company’s results.

Additionally, the agency views MAPFRE as well-capitalised, noting its Solvency II ratio of 202% at the end of September 2024 (compared to 199.6% at the close of 2023), which it considers “very strong.”

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