Mapfre’s diversified business model, spanning a broad range of business activities beyond traditional insurance, has enabled the Group to enhance its resilience and improve profitability. As a result, in the past year the Group increased net profit by 19.6%, surpassing €1 billion for the first time, while gross written premiums reached €29.145 billion, representing a 3.6% increase.

Business internationalization

Mapfre is one of the world’s leading insurance groups, with one of the most geographically diversified portfolios in the industry and operations spanning a wide range of markets beyond its core regions. In fact, the Iberian market accounts for just 37.6% of the Group’s premium volume, while the remaining 62.4% is generated across other markets. This geographic balance is driven primarily by our strong presence in Latin America.

Our broad geographic diversification provides a solid foundation for sustainable growth and helps offset fluctuations in financial performance across the regions in which we operate. For example, while overall earnings in Latin America declined following several exceptional years, other markets – such as the United States – delivered outstanding performance, with record earnings of €139 million, up 41.8%.

The Iberian business also achieved strong results, supported by significant contributions from both the Life and Non-Life segments, increasing earnings by 22.7%.

Different business units

The benefits of this diversification extend beyond our geographic footprint to our business units, enabling us to focus on more specialized, globally oriented activities that go beyond traditional insurance. This approach has strengthened our competitive position in the markets where we operate by delivering solutions that are better tailored to local needs, reinforcing the Group’s financial strength and long-term business resilience.

Mapfre RE, which comprises Reinsurance and Global Risks, is a clear example. Since its establishment, it has steadily increased its contribution to the Mapfre Group through a strategy built on diversification, technical discipline, and a vocation for global services. In 2025, the business generated nearly one-third of the Group’s total premium volume, with €8.3818 billion in premiums, and reported an outstanding net profit of €381 million, up 17.2%. This performance was driven largely by prudent management and the absence of catastrophe events.

In addition, Global Risks’ high level of specialization enables it to support clients in managing international insurance programs and captive insurance companies across key industries, including marine and aviation, construction and major infrastructure, and the energy sector. These sectors involve highly complex risks, which are incorporated into our business portfolio to provide comprehensive and tailored insurance solutions.

In addition, through Mawdy, the Mapfre Group’s assistance business, we provide services in 23 countries across Europe and Latin America. We are a trusted partner to companies, helping them enhance customer relationships and accelerate digital transformation through advanced digital solutions and innovative technologies.

Diversity of lines of business

Another of the Group’s key strengths is its diversified business mix, which enables us to maintain a broad presence across multiple lines of insurance while maximizing the reach of our products. Although Non-Life insurance remains our largest business, the Life segment delivered an outstanding performance and was the primary driver of premium growth in the past year, increasing by 11.6%.

The breadth of our portfolio is such that no single product accounts for more than 30% of total business volume. During the year, Property & Casualty insurance represented 28.6% of premiums, Reinsurance 25.9%, Motors 20.0%, Life 18.6%, and Health and Accident 6.9%.

The strong performance across these business lines also supports continued investment in new products and innovative solutions designed to meet our customers’ evolving personal and business needs. Together, these strengths underpin a resilient and sustainable business model built on diversification.

Commitment to different distribution channels

A key element of Mapfre’s business model is the diversity of its distribution channels, which strengthens our offering, expands our reach, and enables us to serve a broader customer base while adapting to policyholders’ changing preferences.

On the one hand, we work with traditional distribution partners, agents, and brokers, who are particularly important in the marketing of Non-Life products due to their ability to provide personalized advice and build trust with end customers.

The bancassurance channel has also gained increasing importance in recent years, supported by strategic partnerships such as the agreement with Banco Santander. In fact, this channel is emerging as one of Mapfre’s key growth drivers in Latin America, where we already operate through more than 50 strategic partnerships across 15 countries. In some markets, it accounts for more than 50% of premium volume.

In addition, the digital channel is proving essential to enhancing the company’s profitability, highlighting Mapfre’s commitment to innovation and its ability to adapt to increasingly technology-driven environments. Together with commercial partnerships with retail, telecommunications, and other industries, these channels are helping expand insurance access, improve market penetration across different customer segments, and address the protection needs of underserved groups.

Ultimately, diversification is one of our greatest strengths. It is a fundamental component of our growth strategy and long-term consolidation.