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Fitch attributed this credit rating decision to the company\u2019s improved business performance and positive earnings forecasts.<\/p>\nRating agency Fitch has upgraded the credit rating for Spanish insurance company MAPFRE, assigning an \u2018A\u2019 issuer rating, up from \u2018A-\u2019, with a stable outlook.<\/p>\n
Fitch attributed this credit rating decision to the company\u2019s improved business performance and positive earnings forecasts.<\/p>\n
At the same time, the rating agency also raised MAPFRE Asistencia\u2019s financial strength rating from \u2018A\u2019+ to \u2018AA-\u2019.<\/p>\n
Fitch highlighted several factors underpinning its decision, including the company\u2019s \u201csolid market position in Spain and Latin America, strong capitalisation and moderate and stable debt level.\u201d<\/p>\n
Regarding MAPFRE\u2019s results, Fitch highlighted the improvements in the company\u2019s combined ratio \u2013 which improved 1.8 percentage points to 93.8% \u2013 and ROE, which is why it believes that MAPFRE will be able to achieve \u201csolid profits in 2025 and 2026.\u201d<\/p>\n
The rating agency also noted MAPFRE\u2019s strong market position in the Spanish markets, where it is \u201cthe leading insurance company in Non-Life, and in Latin America, particularly Brazil.\u201d<\/p>\n
This geographical and business line diversification is considered a positive factor for the stability of the insurer\u2019s revenue, according to Fitch.<\/p>\n
Other highlights included the robust capitalisation of the MAPFRE Group, a stable level of debt below 20%, and the moderate risk of its investments.<\/p>\n
The rating upgrade follows a period of strong financial results for the insurer. Group-wide, MAPFRE\u2019s net result rose 26.8% to \u20ac829 million in the first nine months of 2025.<\/a><\/p>\n MAPFRE RE, which encompasses MAPFRE\u2019s Reinsurance and Global Risks businesses, reported a profit of \u20ac256 million for the first nine months of 2025, a 23.6% increase compared to the same period last year.<\/p>\n This Fitch rating upgrade comes after the agency had already decided in March to change the outlook from stable to positive.<\/p>\n Standard & Poor\u2019s also upgraded the outlook to positive, from stable, in July of this year. It currently maintains its rating at \u2018A-.\u2019<\/p>\n
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