Fitch Ratings Improves MAPFRE’s Outlook
Fitch Ratings, a renowned credit rating agency, has elevated the outlook for MAPFRE, a prominent multinational insurance company, from Stable to Positive. Furthermore, Fitch has reaffirmed MAPFRE’s issuer rating at A- and the Group’s financial strength rating at A+.
According to the agency, “The positive outlook mirrors the enhancement in MAPFRE’s financial results and earnings. The ratings also acknowledge the company’s robust profile, alongside its solid capitalisation and leverage.”
Fitch’s optimistic view of MAPFRE’s projected 2024 outcomes is complemented by expectations of robust performance in 2025. The agency foresees MAPFRE achieving commendable results, propelled by the strategic corrective measures applied across its principal business sectors and regions.
“We anticipate profitability to remain formidable, and we believe MAPFRE is on track to meet its combined ratio target of approximately 96-95% by 2025, barring major catastrophic incidents,” the agency elaborates.
Moreover, Fitch emphasizes MAPFRE’s “very strong” business profile, highlighting its leadership status, particularly in Spain and Latin America, coupled with its well-established diversification across different regions and business sectors. This diversity plays a crucial role in stabilizing the company’s financial outcomes.
The agency also regards MAPFRE as well-capitalized, noting a Solvency II ratio of 202% as of the end of September 2024, an improvement from 199.6% at the close of 2023, which is deemed “very strong.”
