Mapfre Re reported net earnings of €186 million in the first half of 2026, an increase of 24.6% compared to the same period last year. The result was driven primarily by the strong performance of the Reinsurance Unit, which generated more than €165 million in earnings (+24.9%), while maintaining stable premium volume despite ongoing pressure on market rates.
The company posted a combined ratio of 95.2% and an ROE of 15.6%, underscoring the strength of its technical profitability and financial performance.
Coinciding with the release of these results, S&P Global Ratings upgraded Mapfre Re’s financial strength rating from A+ to AA-, with a stable outlook.
According to the ratings agency, the upgrade reflects the Group’s strengthened capital position, improved earnings generation, underwriting discipline, and balance sheet resilience. S&P also expects Mapfre to continue delivering strong and sustainable results, maintaining profitability levels comparable to those of other insurers with similar ratings.
The combination of robust results and the rating upgrade represents significant external recognition of Mapfre Re’s financial strength, prudent risk management, and profitable growth strategy.
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