Spain's Mapfre profit rises despite lower premiums on currency hit (updated)

Mapfre SA

29/04/2026 07:54

Adds details on currency movements in paragraph 5, geopolitical impact in paragraphs 7-8, stock move in paragraph 9, analyst comment in paragraph 10

By Marta Serafinko and Mireia Merino

April 29 (Reuters) - Spanish insurer Mapfre MAP.MC reported on Wednesday a 12.7% rise in first-quarter net profit, supported by its core property and casualty business, the absence of large catastrophe losses and higher investment income from portfolio yields and realised gains.

Mapfre's net profit of 310.9 million euros ($363.7 million) grew from 275.9 million euros a year earlier. Premiums slightly fell to 8.39 billion euros from 8.58 billion euros in the same period last year, dampened by currency depreciation, particularly of the U.S. dollar.

Weather-related events, including storms in Iberia and floods in southern Turkey during the quarter, affected the results, though the company did not quantify the total cost.

Hyperinflation adjustments in Turkey dented the quarterly result by 7.7 million euros, compared with a 6 million euro hit a year earlier.

The company's non-life combined ratio, a key measure of an insurer's profitability, improved to 93.2%. A ratio below 100% means the company earns more in premiums than it pays out in claims.

Iberia, the main contributor to group profit, had a net result of 137.8 million euros, up nearly 14%, despite Portugal's 0.4 million euro loss due to storms.

The Latin America region delivered a net income of 113.7 million euros, which translated into a 3.9% fall from the same period last year, mainly due to weaker results in the region despite Brazil's contribution.

Addressing the Middle East conflict, Mapfre said it remained on track to meet the targets set at its latest shareholder meeting, including growth and profitability goals, and does not see a need to revise them.

The company said it is closely monitoring geopolitical developments, particularly their impact on inflation and costs, and could adjust pricing if needed.

"What we would have to do is adapt our pricing, and rapidly onboard those inflation variations. And we are, I think, very well prepared to do that," first vice chairman Jose Manuel Inchausti told reporters.

Shares in Mapfre were down 0.1% at 10:50 GMT, while Spain's blue-chip IBEX 35 .IBEX fell 0.6%.

($1 = 0.8546 euros)

 (Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Matt Scuffham)

 ((marta.serafinko@thomsonreuters.com, +48 58 769 66 00;))