Report by Renta 4
The insurer reported a solvency ratio of 206.8% at the end of the first quarter of 2026, compared to 205.3% at the end of 2025, as disclosed to the National Securities Market Commission (CNMV) on Wednesday.
The improvement in the solvency ratio is supported by the increase in eligible own funds to cover SCR, up 1.4% compared to Q4 2025 to €10.73 billion, against a stable level of required solvency capital for the quarter.
Assessment: Solvency levels reaffirm the Group’s financial position, remaining comfortably above 200%, within the target range (175%-225%) set by Mapfre.
Positive news, but with no significant impact on the share price given the consistent maintenance of the target range thanks to high diversification and prudent investment and asset-liability management policies.
Recommendation: HOLD. Target price: €4.1 per share.
