Earnings● Neutral
Mapfre Re H1 net profit rises 24.6% to €186M on underwriting gains
The reinsurance unit drove the 24.6% earnings jump past €165M. Premiums slipped 1.5% as rates softened, but the combined ratio held at 95.2% with no major catastrophes.
Continue with
Mapfre Re, the reinsurance arm of Spanish insurer Mapfre, posted net earnings of €186 million in the first half of 2026, a 24.6% jump from the same period a year earlier.
The Reinsurance Unit drove the gain, lifting net earnings past €165 million. Premium volumes held steady despite softer market rates, and underwriting profitability improved. MAPFRE Global Risks added more than €20 million to the result.
Total premiums slipped 1.5% to just over €4.3 billion, reflecting the rate decline. The Reinsurance business wrote almost €3.4 billion, up 0.3%. Global Risks premiums fell 7% to close to €1 billion, partly because most of its policies are dollar-denominated and the currency weakened.
Mapfre Re's combined ratio stayed at 95.2%. No major catastrophe hit in the half, aside from storms in Portugal and Spain in February. For the late-June earthquakes in Venezuela, the company booked a conservative loss estimate with a maximum expected impact of roughly €25 million. Absent other big events, Mapfre said it keeps reserves at the upper end of its confidence interval.