S&P Global Ratings has lifted several ratings for Mapfre group entities, reflecting what the agency described as a materially stronger capital position and a higher-quality financial-risk profile. The long-term issuer credit and financial strength rating for Mapfre Re, Compania de Reaseguros, S.A. was raised to AA- from A+. At the same time, the ratings on the group’s non-operating holding company, Mapfre S.A., were increased to A from A-.
Alongside the issuer-level moves, S&P raised the long-term issue ratings on the group’s senior unsecured debt to A from A-, and upgraded subordinated debt to BBB+ from BBB. S&P assigned a stable outlook to the upgraded ratings.
The ratings action reflects a revision of Mapfre’s financial risk profile to very strong from strong, supported by recent operating results and capital metrics. The group reported net income attributable to shareholders of 2.8 billion in 2025, a 13.2% increase versus the prior year. Under IFRS 17 accounting, Mapfre’s combined ratio improved to 90.5% in 2025 from 93.2% the previous year, while return on equity reached 17.5% for the period. S&P noted that results for the first quarter of 2026 show continued improvement.
On a capital adequacy basis, S&P expects Mapfre to maintain capital above its 99.95% confidence level for the 2026-2028 period. The group reported a Solvency II ratio of 206.8% as of the first quarter of 2026. The composition of general account investments remained conservative in 2025, with bonds, loans and cash accounting for 79% of the portfolio, and government bonds and cash making up 55% of fixed-income holdings.
In a separate corporate development, Mapfre submitted a binding offer on July 23, 2026 to acquire 100% of Safety Insurance Group, a Massachusetts-based insurer, for $105 per share, valuing the deal at $1.54 billion. The acquisition remains subject to regulatory approvals and shareholder consent at Safety Insurance Group. S&P indicated that the potential purchase should have a limited impact on Mapfre’s financial risk profile while strengthening the group’s position in personal and commercial auto and homeowners businesses in Massachusetts.
S&P also outlined the circumstances under which it could downgrade Mapfre. Potential triggers for lower ratings include a sustained decline in projected capital adequacy below the 99.95% confidence threshold, a marked deterioration in profitability, an acquisition that materially and unexpectedly weakens performance, or failure in S&P’s sovereign stress test for Spain. The agency highlighted that roughly 38% of Mapfre’s general account investments are exposed to Spanish assets.
The rating changes and accompanying commentary underscore the importance S&P places on solvency margins, asset quality and cash-like holdings within insurers. For Mapfre, the upgraded ratings recognize recent earnings strength, improved underwriting results under IFRS 17 and a capital position that the agency views as resilient across its forecast horizon.