Barclays ups Mapfre on improved Iberian margins

Mapfre SA

24/06/2025 08:52

** Barclays raises Spanish insurer Mapfre MAP.MC to "equal-weight" from "underweight" due to improving margins in Iberia, particularly in its motor business

** It says pricing in Spain is still accelerating, with Mapfre and peers noting that double-digit price hikes are still needed, suggesting further margin improvement is likely

** Broker expects combined ratio in Iberia to improve from 98.9% in 2024 to 95.8% in 2025 and 95.0% in 2026

** It believes that although some of the recovery may already be reflected in the price, the market has yet to fully recognize the entire opportunity

** It also points out Mapfre's attractive dividend yield, which is in line with the sector average

** Barclays raises its PT by over 52% to 3.5 euros

** Out of 10 analysts that cover Mapfre, five rate the stock "strong buy" or "buy," ​two rate "hold" and three​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Marta Serafinko in Gdansk)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))