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Mapfre Re net profit rises 24.6% to €186 million in H1 2026
The reinsurance unit drove results, keeping Mapfre Re premiums stable at nearly €3.4 billion and maintaining a 95.2% combined ratio.
Mapfre Re, the reinsurance arm of Mapfre, reported net earnings of €186 million in the first half of 2026, up 24.6% from the same period last year, according to Reinsurance News.
The insurer said the Reinsurance Unit delivered strong performance, pushing net earnings to more than €165 million while keeping premium volumes stable despite softer market conditions. Premiums totaled more than €4.3 billion, down 1.5% year over year.
Reinsurance generated almost €3.4 billion in premiums, up 0.3%, while Mapfre Global Risks brought in close to €1 billion, down 7.0%, reflecting the impact of currency depreciation because most Global Risks policies are dollar denominated. Mapfre Re maintained a combined ratio of 95.2%, with the Reinsurance business at 95.5% and Global Risks at 90.5%.
No major loss events occurred in the first half except storms in Portugal and Spain in February. For earthquakes in Venezuela in late June, Mapfre said it made a conservative loss estimate with a maximum attributable impact of around €25 million, and it reported a 42.4% increase in non-life financial result helped by positive investment portfolio returns. Group-wide, Mapfre posted a net result of €624.2 million, up 9.4% year over year.