Rating agency Fitch has upgraded the credit rating for Spanish insurance company MAPFRE, assigning an ‘A’ issuer rating, up from ‘A-’, with a stable outlook.
Fitch attributed this credit rating decision to the company’s improved business performance and positive earnings forecasts.
At the same time, the rating agency also raised MAPFRE Asistencia’s financial strength rating from ‘A’+ to ‘AA-’.
Fitch highlighted several factors underpinning its decision, including the company’s “solid market position in Spain and Latin America, strong capitalisation and moderate and stable debt level.”
Regarding MAPFRE’s results, Fitch highlighted the improvements in the company’s combined ratio – which improved 1.8 percentage points to 93.8% – and ROE, which is why it believes that MAPFRE will be able to achieve “solid profits in 2025 and 2026.”
The rating agency also noted MAPFRE’s strong market position in the Spanish markets, where it is “the leading insurance company in Non-Life, and in Latin America, particularly Brazil.”
This geographical and business line diversification is considered a positive factor for the stability of the insurer’s revenue, according to Fitch.
Other highlights included the robust capitalisation of the MAPFRE Group, a stable level of debt below 20%, and the moderate risk of its investments.
The rating upgrade follows a period of strong financial results for the insurer. Group-wide, MAPFRE’s net result rose 26.8% to €829 million in the first nine months of 2025.
MAPFRE RE, which encompasses MAPFRE’s Reinsurance and Global Risks businesses, reported a profit of €256 million for the first nine months of 2025, a 23.6% increase compared to the same period last year.
This Fitch rating upgrade comes after the agency had already decided in March to change the outlook from stable to positive.
Standard & Poor’s also upgraded the outlook to positive, from stable, in July of this year. It currently maintains its rating at ‘A-.’
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