MAPFRE RE reports strong H1’25 CoR and 1.3% premium growth

MAPFRE RE, the reinsurance and global risk arm of Madrid-based insurer MAPFRE, has announced its H1 2025 financial results, reporting an increase in its combined ratio of 0.7 percentage points to 95.9% amid the costly California wildfires.

The initial quarter of the year was significantly affected by the California wildfires, which had an attributable impact of €84 million at MAPFRE RE as the firm emphasises its continued strengthening of reserving prudence.

The reinsurer’s premiums reached €4.4 billion in H1, marking a 1.3% increase. This growth was impacted by currency depreciation, mainly the US dollar. Within this, the Reinsurance business contributed over €3.3 billion (+0.6%) in premiums, while the GLOBAL RISKS business contributed €1.1 billion (+3.7%).

The gross financial result for H1 2025 stood at €91 million, with net realized financial
gains of €6 million, an improvement compared to the €1 million lost in the same period last year.

Overall MAPFRE reported a €570 million net result in June 2025, 23.6% higher than the previous year, with MAPFRE RE contributing €149 million.

As part of this last figure, Reinsurance reported a net profit of €132 million with a combined ratio of 96.1%. The GLOBAL RISKS business delivered €17 million to the Group result with a combined ratio of 92.7%.

The group also saw an overall increase in premiums of 5.3% reaching almost €16 billion, with a relevant impact from currencies.

Looking at other segments, MAPFRE’s Non-Life continued its technical improvement in H1 2025, with a combined ratio of 93.1% (-2.6 p.p.), and a favourable impact from the financial result.

The Auto business showed significant progress, contributing €89 million to the result, an impressive €108 million improvement compared to the first half of 2024.

Regionally, IBERIA reported a net result of €239 million (+42.4%) and a combined ratio of 96.0% (-4.2 p.p.), largely driven by the recovery of the Auto business. NORTH AMERICA also continued a positive trend, with a result of €60 million (+47.7%) and a combined ratio of 96.5% (-2.8 p.p.). LATAM delivered €223 million (+10.2%), with a relevant contribution from Brazil.

Antonio Huertas, Chairman of MAPFRE, commented: “Mapfre continues improving profitability in all regions and business units. In addition to the boost from the Strategic Plan, our highly diversified business model, along with the enormous transformation and efficiency improvements, allow us to be optimistic about 2025 despite the persistent geopolitical challenges. The depreciation of some currencies is offset by higher interest rates in many countries.”

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