Alphavalue/DIVACONS | The insurance company held a pre-close call for Q3 2025 on Tuesday. Mapfre (MAP) anticipates solid results in Q3 2025, with trends similar to those in Q2 2025.
In countries in the Iberian peninsula, underlying activity remains strong; in Life, premium growth will be lower than in Q2 2025 due to a large exceptional contract. In P&C, an improvement in the combined ratio is expected, especially after the impact of hail in Q2 2025. Claims from the August fires are considered manageable.
In Latin America, Q3 2025 should reflect the trends of H1 2025, with excellent profitability in Brazil, although premium growth remains limited by high interest rates and currency effects. Mapfre RE maintains excellent profitability; although the North Atlantic hurricane season is nearing its end, a degree of caution is expected to remain, with reserves of around 4.5 pp of CoR having been set aside in 1Q25, including 7 pp in 2Q25.Mapfre: Buy, Target Price €4.05/share.
