Fitch raises MAPFRE rating outlook on the back of good results

Fitch Ratings has raised the outlook for MAPFRE and one of its subsidiaries, from Stable to Positive. It also confirms MAPFRE’s issuer rating in A- and the financial strength rating of the Group and its subsidiaries in A+. “The positive outlook reflects the improvement in MAPFRE’s financial results and earnings. The ratings also reflect the company’s strong profile, as well as its capitalization and leverage,” explains the agency.

As well as positively evaluating the 2024 results, Fitch also expects MAPFRE to enjoy a good year in 2025. It believes the Group will be able to produce solid results in 2025 as a result of the corrective measures it adopted in its main business lines and geographies. “We expect profitability to remain strong and we believe that MAPFRE should be able to reach its combined ratio target of approximately 96-95% in 2025, in the absence of major catastrophic events,” it adds.

Fitch highlights the company’s “very strong” business profile due to its leadership positions, particularly in Spain and Latin America, as well as MAPFRE’s established diversification in terms of geographic areas and business lines, “which is positive in bringing stability to its results.”

Finally, the agency believes that MAPFRE is well capitalized, based on the Solvency II ratio of 202% at the end of September 2024 (end of 2023: 199.6%), which it regards as “very strong”.