Mapfre S.A.

The group reported record-high net income attributable to all shareholders of €1.6 billion in 2024, up 25% on 2023. The improvement in the combined ratio to 93% from 96.5% (under IFRS 17) supported the group's strong performance. The results for the first quarter of 2025 were also in line with the strong full-year 2024 results, demonstrating the group's ability to face the challenges of the inflationary environment of recent years by adjusting pricing and maintaining underwriting discipline. The stable outlook reflects our expectation that the group will continue to navigate the current macroeconomic and capital market uncertainties, profiting from strong geographic and business line diversification. We also expect the group will keep its capital position comfortably at least at the

...(Editor's Note: This article, originally published on May 8, 2025, was updated on May 16, 2025, to correct the notional and equity content of the senior unsecured bond in table 1.)...

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