- The agency upgrades Mapfre’s Issuer Default rating (IDR) from A to A+ and affirms its Insurer Financial Strength (IFS) rating at AA-, both with a stable outlook.
- Fitch highlights the Group’s enhanced geographical earnings diversification, strong competitive position and robust capitalization.
Fitch Ratings has upgraded Mapfre’s Issuer Default Rating (IDR) to A+ from A and has also affirmed Mapfre Asistencia’s Insurer Financial Strength (IFS) Rating at AA- (Very Strong), while the outlook remains stable across all ratings.
According to Fitch, the IDR upgrade reflects the increased diversification of earnings from the Group’s international businesses in recent years, as well as a reduced dependence on individual markets.
Fitch also notes that the acquisition of Safety Insurance will further enhance earnings diversification and strengthen Mapfre’s competitive position in the US Northeast insurance market, across both personal and commercial lines.
The agency further highlights Mapfre’s strong business profile, underpinned by its leading positions in Spain and Latin America, broad international diversification and business volume of more than €29 billion in premiums in 2025.
In its report, Fitch also underlines the Group’s strong capitalization, supported by a Solvency II ratio of 208.8% at the end of the first six months of June, as well as the consistency of its financial performance. The agency highlights the improvement in profitability in recent years and expects Mapfre to maintain solid earnings generation capacity over the medium term.
In addition, Fitch considers Mapfre’s investment profile to remain moderate and highlights the quality of its asset portfolio, together with the prudence underlining its investment policy.
As such, Mapfre continues to hold one of the strongest ratings in the European insurance sector, supported by the strength of its balance sheet, the diversification of its business and its proven ability to generate recurring results.
