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1. Company Snapshot

1.a. Company Description

Mapfre, S.A., engages in the insurance and reinsurance activities worldwide.It offers life, health, accident, savings and investment, retirement, burial, and travel and leisure insurance; and homeowner's, automobile, third-party liability, family, and other insurance.The company also provides vehicle, third-party liability and asset, agriculture and livestock, commercial establishment, and other insurance products.


In addition, it offers engineering and building, hull and aviation, transportation of goods, surety and credit, life and retirement, and other insurances and reinsurance products.The company offers its services to individuals, professionals, entrepreneurs, self-employed people, small and medium-sized enterprises, and large corporations.It distributes its products through a network of 4,942 direct and delegates; and 10,412 bancassurance offices, as well as through 77,754 delegates, agents, and brokers.


The company was formerly known as Corporacion Mapfre and changed its name to Mapfre, S.A. in December 2006.Mapfre, S.A. was founded in 1933 and is headquartered in Majadahonda, Spain.Mapfre, S.A. operates as a subsidiary of Cartera Mapfre, S.L.

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1.b. Last Insights on MAP

Mapfre, S.A. faces challenges amidst a mixed European market landscape. Rising claims and uncertain economic conditions may impact the company's underwriting performance. Although no recent earnings release data is available, the company's exposure to natural catastrophes and evolving regulatory requirements could weigh on its financials. Additionally, with central banks navigating policy changes, Mapfre's investment portfolio may be affected. According to recent reports, some analysts have raised concerns about the company's ability to maintain its dividend payout. (Source: Morningstar)

1.c. Company Highlights

2. MAPFRE's 2025 Earnings: Strong Performance and Growth

MAPFRE reported a strong financial performance in 2025, with net attributable profit reaching EUR 1.08 billion, a 20% increase, and gross profit exceeding EUR 2.4 billion, also up 20%. Premiums reached an all-time high of EUR 29 billion, up 20%. The company's EPS came in at EUR 0.1041, beating analyst estimates of EUR 0.0935. The Non-Life combined ratio improved to 92.2%, the best in 15 years, driven by technical improvements and disciplined underwriting.

Publication Date: Feb -17

📋 Highlights
  • Net Attributable Profit Growth:: Surpassed EUR 1.08 billion, a 20% increase from previous year.
  • Premiums Record High:: Total premiums reached EUR 29 billion, up 20%, driven by strong Non-Life and Life business growth.
  • Non-Life Combined Ratio:: Improved to 92.2%, the best in 15 years, reflecting disciplined underwriting and technical excellence.
  • Shareholders' Equity:: Exceeded EUR 8.9 billion, a 5% year-on-year increase, supported by investment portfolio valuation gains.
  • Dividend Increase:: Proposed final dividend of EUR 0.11 per share, a 15.8% rise, with total payout ratio at 51.4% (EUR 454 million).

Segment Performance

The Non-Life business, which accounts for 3/4 of MAPFRE's business, grew 6% at constant exchange rates, with premiums reaching EUR 22 billion. The Life business also saw significant growth, with premiums up nearly 15% at constant exchange rates to EUR 6.6 billion. According to Antonio Huertas Mejías, "We have continued to implement a strategy focusing on growth and results."

Valuation and Dividend Yield

MAPFRE's Price-to-Book Ratio stands at 1.32, indicating a relatively stable valuation. The company's Dividend Yield is 3.96%, attractive for income investors. With a ROE of 12.14%, MAPFRE demonstrates a strong ability to generate returns on equity.

Outlook and Guidance

MAPFRE expects to focus on growth, particularly in profitable segments like Motor, in 2026. The company believes its new brand identity will help business development and aims to strengthen its positioning in markets. Analysts estimate revenue growth at 2.0% for next year, indicating a continued upward trend.

Reinsurance and Risk Management

MAPFRE RE has released provisions due to a hurricane season that did not occur and strengthened reserves for case-by-case claims. The company's reinsurance program has allowed it to accommodate new coverage and grow its appetite for reinsurance.

3. NewsRoom

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Mapfre targets ROE above 13% by 2026

Mar -16

Source:

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Mapfre SA (MPFRY) Q4 2025 Earnings Call Highlights: Record Profits and Strategic Growth Amid ...

Feb -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.46%)

6. Segments

Insurance

Expected Growth: 5.5%

Mapfre's 5.5% growth is driven by increasing demand for insurance products in Latin America, expansion into new markets, and a strong brand presence. Additionally, the company's diversified business model, which includes both life and non-life insurance, contributes to its growth. Furthermore, Mapfre's focus on digital transformation and cost savings initiatives also support its growth momentum.

Reinsurance

Expected Growth: 5.8%

Mapfre's 5.8% reinsurance growth driven by increasing demand for natural catastrophe coverage, expansion in Latin America, and strategic partnerships. Additionally, the company's diversified portfolio, improved underwriting practices, and effective risk management contribute to its growth momentum.

Corporate Areas and Consolidation Adjustments

Expected Growth: 4.2%

Mapfre's 4.2% growth in Corporate Areas and Consolidation Adjustments is driven by strategic acquisitions, cost savings initiatives, and improved operational efficiency. Additionally, the company's diversified business portfolio and strong brand presence in Latin America and Europe have contributed to its growth momentum.

Global Risks

Expected Growth: 6.2%

Mapfre, S.A.'s 6.2% growth is driven by increasing demand for insurance products, expansion into emerging markets, and strategic acquisitions. Additionally, the company's diversified business portfolio, strong brand recognition, and effective risk management practices contribute to its growth. Furthermore, the growing need for protection against global risks, such as natural catastrophes and cyber threats, also supports Mapfre's growth momentum.

Assistance-MAWDY

Expected Growth: 5.9%

Assistance-MAWDY from Mapfre, S.A. growth of 5.9% driven by increasing demand for roadside assistance, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and process efficiency have improved customer experience, leading to higher retention rates and revenue growth.

7. Detailed Products

Auto Insurance

Mapfre's auto insurance provides coverage for vehicles against damages, theft, and accidents, offering financial protection to policyholders.

Home Insurance

Mapfre's home insurance covers damages to homes and personal belongings, providing financial protection against unforeseen events.

Health Insurance

Mapfre's health insurance provides coverage for medical expenses, hospitalization, and other healthcare-related costs.

Life Insurance

Mapfre's life insurance provides a financial safety net for loved ones in the event of death, offering a payout to beneficiaries.

Business Insurance

Mapfre's business insurance provides coverage for businesses against various risks, such as liability, property damage, and business interruption.

Travel Insurance

Mapfre's travel insurance provides coverage for trip cancellations, interruptions, and medical emergencies while traveling.

Liability Insurance

Mapfre's liability insurance provides coverage for individuals and businesses against claims of negligence or wrongdoing.

8. Mapfre, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mapfre, S.A. operates in the insurance industry, where substitutes are limited. However, customers may opt for self-insurance or alternative risk management strategies, posing a moderate threat.

Bargaining Power Of Customers

Mapfre, S.A. has a large customer base, which reduces the bargaining power of individual customers. Additionally, the company's diversified product offerings and strong brand reputation further limit customer bargaining power.

Bargaining Power Of Suppliers

Mapfre, S.A. relies on a network of suppliers for services and goods. While the company has some bargaining power due to its size, suppliers may still exert some influence, particularly in niche markets.

Threat Of New Entrants

The insurance industry has high barriers to entry, including regulatory hurdles and capital requirements. This limits the threat of new entrants and allows Mapfre, S.A. to maintain its market position.

Intensity Of Rivalry

The insurance industry is highly competitive, with many established players vying for market share. Mapfre, S.A. faces intense rivalry from domestic and international competitors, which may lead to pricing pressures and advertising wars.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.38%
Debt Cost 3.95%
Equity Weight 74.62%
Equity Cost 7.48%
WACC 6.58%
Leverage 34.02%

11. Quality Control: Mapfre, S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 4.3

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Yield: 9.4

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Mapfre

A-Score: 7.3/10

Value: 5.2

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Quality: 5.8

Yield: 7.5

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A-Score: 6.4/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.91$

Current Price

3.91$

Potential

-0.00%

Expected Cash-Flows