Mapfre Re profit rose 11.8% to €286 million in the first nine months of 2026, as investment returns supported earnings despite an estimated €75 million impact from the Colombia earthquake and a weaker combined ratio.

Key Takeaways

  • Premiums were broadly steady at €6.3 billion as insurance and reinsurance rates declined.
  • Mapfre Re’s combined ratio rose 1.5 percentage points to 95.3%.
  • Parent Mapfre expects its proposed Safety Insurance acquisition to close in the first quarter of 2027, subject to outstanding approvals.

Mapfre Re profit and investment returns

Mapfre said investment portfolio returns contributed to a 67.8% increase in Mapfre Re’s Non-Life financial result. The company also realized significant gains after adjusting its portfolios’ risk profile in response to uncertainty.

The unit’s combined ratio measures claims and expenses against premiums; a rise indicates weaker underwriting performance. The nine-month figure included the estimated attributable impact of the August earthquake in Colombia.

Mapfre also identified February storms in Portugal and Spain and a June earthquake in Venezuela among claims during the period. The company said it was maintaining a prudent approach to reserves.

Premiums and business lines

Mapfre Re encompasses the reinsurance and Global Risks businesses. Its premiums were approximately €6.3 billion, with Mapfre citing falling rates across insurance and reinsurance.

Reinsurance premiums rose 1% to €5 billion, while Global Risks premiums fell 5.3% to €1.3 billion. Reinsurance contributed €259 million of profit, with a combined ratio of 95.5%; Global Risks contributed €27 million, with a ratio of 92.9%.

Group results and Safety acquisition

In its nine-month results announcement, Mapfre reported group net profit of €924 million, up 11.5%, and premiums of €22.8 billion, up 2%. Iberia contributed €413 million to profit, while Latin America earned €303 million.

Mapfre said the antitrust review of its proposed acquisition of Safety Insurance had been completed. A Safety shareholder meeting was scheduled for November 3, 2026, and Massachusetts regulatory approval remained outstanding.

Next milestone

The next scheduled milestone for the Safety transaction is its November 3 shareholder meeting.

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