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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.'s recent performance has been positively influenced by its attractive dividend yield, which has drawn investors seeking stability and income amidst market volatility. Barclays upgraded its rating to equal weight from underweight, citing the stock's potential for growth. A potential EU-U.S. trade deal has also boosted European markets, with the STOXX Europe600 Index rising modestly. As a dividend stock, Mapfre offers a measure of reassurance and potential income, making it an appealing choice for investors looking to balance risk and reward.

1.c. Company Highlights

2. MAPFRE's Q3 2025 Earnings: Profitable Growth and Improved Underwriting

MAPFRE reported a strong set of results for Q3 2025, with a 3.5% increase in premiums to EUR 22 billion and a 6% increase at constant exchange rates. The non-life combined ratio improved to 92.6%, driven by a strong reduction in the claims ratio and an excellent expense ratio. The net result rose 27% to EUR 829 million, with a return on equity of 12.4%. Earnings per share (EPS) came in at EUR 0.1041, beating analyst estimates of EUR 0.0935.

Publication Date: Nov -08

📋 Highlights
  • Strong Profitability Growth:: Net result surged 27% to EUR 829 million, with ROE at 12.4%, driven by improved combined ratios and expense management.
  • Premium Growth Acceleration:: Total premiums rose 3.5% to EUR 22 billion (6% at constant FX), with life premiums jumping 40% and non-life up 6%.
  • Regional Outperformers:: Iberia (+EUR 350M), Lat Am (+EUR 340M, +11% YoY), and North America (+EUR 100M, +40% YoY) delivered standout results.
  • Reinsurance Strength:: MAPFRE RE reported EUR 256M net profit with a combined ratio under 94%, highlighting low NatCat events and prudent reserving.
  • Capital and Dividend Optimism:: Shareholders' equity rose 5% to EUR 8.9B; interim dividend increased, signaling confidence in sustained profitability and solvency.

Regional Performance

The strong performance was driven by Iberia, which contributed EUR 350 million to results, and Lat Am, which delivered a EUR 340 million result, up 11%. North America also performed well, with a result of nearly EUR 100 million, up 40%. MAPFRE RE reported a solid result, with a net result of EUR 256 million and a combined ratio under 94%. As José Manuel Inchausti noted, "MAPFRE's excellent results, with higher profitability across regions and business units, exceed targets announced at the AGM."

Underwriting Profitability

The combined ratio improved across regions, with Iberia's Motor business achieving a combined ratio of 98.5%. The General P&C business also performed well, with a benign weather environment contributing to the improved combined ratio. The Life business in Brazil is growing, despite high interest rates affecting premium growth.

Valuation and Dividend Yield

With a Price-to-Book Ratio (P/B) of 1.34 and a Dividend Yield of 3.81%, MAPFRE's valuation appears reasonable. The company's Return on Equity (ROE) of 12.14% is also respectable. Given the strong Q3 results and the company's commitment to profitable growth, the dividend payout is expected to be maintained, with José Luis Jiménez Guajardo-Fajardo stating that the solvency ratio is "in line with the margin set by the Board."

Outlook and Guidance

MAPFRE expects to continue its profitable growth trajectory, with a focus on technical improvements and a client-centric approach. The company is also exploring opportunities in Spain, particularly in bancassurance agreements, and in the euro area. While the current guidance was adopted in coherence with the Strategic Plan, the company will consider updating it if necessary. Analysts estimate revenue growth of 2.0% for next year, and MAPFRE is expected to surpass its dividend payout of EUR 500 million for the first time in its history.

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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

Stock-Card
Mapfre

A-Score: 7.9/10

Value: 6.8

Growth: 6.6

Quality: 7.2

Yield: 8.1

Momentum: 10.0

Volatility: 8.7

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Grupo Catalana Occidente

A-Score: 7.3/10

Value: 8.1

Growth: 4.3

Quality: 7.8

Yield: 5.6

Momentum: 8.0

Volatility: 10.0

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VIG

A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

Momentum: 10.0

Volatility: 9.0

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ASR Nederland

A-Score: 7.1/10

Value: 5.7

Growth: 4.1

Quality: 6.2

Yield: 8.8

Momentum: 8.0

Volatility: 9.7

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Unipol Gruppo

A-Score: 7.0/10

Value: 6.6

Growth: 3.7

Quality: 6.6

Yield: 8.8

Momentum: 9.0

Volatility: 7.3

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Stock-Card
NN Group

A-Score: 6.8/10

Value: 4.3

Growth: 3.3

Quality: 7.2

Yield: 8.8

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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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

4.01$

Current Price

4.01$

Potential

-0.00%

Expected Cash-Flows