Mapfre: Model update pre 2Q26

Research evidence excerpt

Mapfre: Model update pre 2Q26

Equity Research

European Insurance

8 July 2026

Mapfre

Model update pre 2Q26

We update our estimates ahead of 2Q26 results to

incorporate any market movements and company-specific

events in the quarter. MAP.MC/MAP SQ EQUAL WEIGHT Unchanged

European Insurance NEUTRAL

We expect gross written premium growth in local currency across the Group to confirm past Unchanged

quarter trends, with some pricing support in Latin America, Brazil and Mexico in particular, Price Target EUR 3.78

while reinsurance market conditions remain under pressure. No significant man-made or nat cat Unchanged

losses were reported during the quarter, with only the recent Venezuela earthquake noted, Price (07-Jul-26) EUR 4.40

which is expected to have an immaterial impact at this stage (not in the quarter). We forecast Potential Upside/Downside -14.2%

Group COR at 91.9% in the quarter. On investments, the Group further reduced its equity Source: Bloomberg, Barclays Research

exposure, with realised gains normalising in 2Q26 relative to the unusually strong level recorded

in 1Q26. Market Cap (EUR mn) 13556

Shares Outstanding (mn) 3079.55Iberia: Premium trends remained broadly consistent with 1Q26 with P&C premiums up by c. 2%

Free Float (%) 29.76YoY while Life premiums are down by c. -5% compared to particularly strong issuance in 1H25.

52 Wk Avg Daily Volume (mn) 3.3The quarter should be characterised by normal nat cat losses with COR at 94.2% in our

Dividend Yield (%) 5.01estimates for 2Q26. Within Motor, combined ratio trends should remain largely unchanged from

Return on Equity TTM (%) N/A1Q26 with claims frequency developments remaining broadly stable and lower YoY.

Current BVPS (EUR) N/AHowever, guidance for FY26 remains at COR of 96-97% in motor. Source: Bloomberg