Insurer Mapfre's core markets drive profit growth, offsetting Colombia earthquake losses

Mapfre SA

28/10/2026 07:20

Oct 28 (Reuters) - Spanish insurer Mapfre MAP.MC reported an 11.5% rise in its nine-month profit on Wednesday, as strong performances in the Iberian Peninsula, Brazil and North America, its core markets, helped offset the impact of natural catastrophes in Latin America.
The results come as Mapfre moves ahead with its $1.54 billion acquisition of US-based Safety Insurance SAFT.O, expected to close in the first quarter of 2027 and boost net profit by around 5% once fully integrated.
Nine-month net profit amounted to €924.3 million ($1.03 billion) under local accounting rules, while premiums rose 2% to €22.83 billion
Non-life combined ratio, a key profitability measure where a lower figure indicates better performance, slightly worsened to 93.5% from 92.6% a year ago
Catastrophe losses from the earthquake in Colombia and weather-related events weighed on LatAm net earnings, which fell 10.7% to €303.4 million
Hyperinflation adjustments in Turkey had a negative net impact of €19.5 million
Mapfre's board has approved a 2026 dividend of €0.08 per share
($1 = 0.8981 euros)

(Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Milla Nissi-Prussak)
((marta.serafinko@thomsonreuters.com; mireia.merino@thomosnreuters.com))