MAPFRE Consolidates Position as Europe’s Sixth-Largest Insurance Company

MAPFRE Insurance Company Europe is now the sixth-largest insurer in Europe. The ranking shows that MAPFRE’s finances have been steadily improving, they have a wide range of markets, and they are becoming more important among Europe’s top insurance companies. Its planned growth in Spain, Latin America, and important global markets keeps it competitive in the long term.

Despite challenges stemming from geopolitical and financial uncertainty, the European insurance industry has demonstrated strong resilience, supported by solid regulatory frameworks and the normalization of interest rate curves. In this environment, MAPFRE has maintained its position as Europe’s sixth-largest insurance group, strengthening its growth strategy and ability to adapt to evolving investment trends.

The company’s higher ranking shows that it does well in Latin America, Spain, and other European markets.

The European market remains highly concentrated, with the five leading insurance groups accounting for 67.6% of total revenue of all the companies considered in the report. Under the IFRS 17 standards, total insurance service revenue for the top 15 European insurance groups rose by 7.6% in 2024, reaching 504.5 billion euros.

In the Non-Life segment, these 15 groups (including Allianz, Axa, and Zurich in the top three, and MAPFRE holding steady in sixth position) generated 375.7 billion euros in insurance service revenue in 2024, marking an 8.9% year-on-year increase.

In the Life segment, the top 15 insurers reported a 6.1% increase in 2024, with total insurance service revenue reaching 166.1 billion euros. Axa, Allianz, and Generali led this segment.

MAPFRE: increasingly profitable and solvent

Most of the groups analyzed by MAPFRE Economics maintained combined ratios below the 100% threshold, an indicator of healthy, profitable operations. Notably, MAPFRE achieved the greatest improvement among its peers, reducing its combined ratio by 3.5 percentage points year over year, to 93%.

A similar trend was observed in the solvency ratio, which provides insight into the financial strength of these companies. Compared to the previous year, MAPFRE stood out with an increase in its ratio from 199.6% to 207.4%. Ergo also recorded a significant rise, from 185.8% to 207.9%, while Legal & General’s ratio increased from 224.0% to 231.9% over the same period.

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With its recognition as the sixth largest insurance company in Europe, MAPFRE is still growing its global presence and financial leadership in the industry.