Mapfre Middlesea plc – Full-Year Results

Matthew Fabri

March 24, 2026

24 March, 2026
4 min read
24 March, 2026
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 24 March 2026, Mapfre Middlesea plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

Net insurance and investment results amounted to €34.6 million which is 19.4% higher than the €29.6 million reported in the previous year. The company highlighted that in its General Insurance Business premiums written rose by 9.6% to €113.6 million (2024: €103.6 million), with growth across all classes of business but notably in Health, Property, and Group Life. Mapfre Middlesea stated that it retained its leadership of the non-life market with its market share increasing marginally from the prior year.

The Group’s Long-Term Insurance Business subsidiary Mapfre MSV Life plc (50% owned) registered a profit before tax of €15.7 million, compared to the €15.0 million recorded in the prior year.

Overall, the Group generated pre-tax profits of €29.6 million, which is 19.4% higher than the €24.8 million figure of the previous year. After accounting for a tax charge of €9.1 million and non-controlling interests of €5.6 million, the net profit attributable to shareholders amounted to €14.9 million (2024: €12.5 million), which translates into a return on average shareholders’ funds of 14.7% (2024: 13.6%).

The Statement of Financial Position shows that total assets increased by 1.5% (or €37 million) to €2.49 billion. Total liabilities rose by 1.0% (or €22.1 million) to €2.3 billion. Meanwhile, shareholders’ funds increased by 11.1% (or €10.6 million) to €107.0 million (2024: €96.3 million), which translates into a net asset value per share of €1.163 (31 December 2024: €1.047).

Dividend

The Directors are recommending a final net dividend of €6.0 million, equivalent to €0.065217 per share, which is 25.0% higher than the dividend paid out last year. This is payable on 26 May 2026 to all shareholders as at the close of trading on Friday 8 May 2026, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2026.

Outlook

The Directors noted that management will present a new strategic plan for the period 2027–2029 later this year, which will be inspired by the vision, purpose, and values that distinguish the Group. The company also intends to reset its strategic plan during 2026 to better align with the broader Mapfre Group strategic cycle and to leverage ongoing technological transformation. The directors stated that they will propose a resolution to change the company’s name from Mapfre Middlesea to Mapfre Malta at the forthcoming AGM as they see clear tangible benefits in aligning the name with the larger global brand of MAPFRE.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 March 2026, Mapfre Middlesea plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

Net insurance and investment results amounted to €34.6 million which is 19.4% higher than the €29.6 million reported in the previous year. The company highlighted that in its General Insurance Business premiums written rose by 9.6% to €113.6 million (2024: €103.6 million), with growth across all classes of business but notably in Health, Property, and Group Life. Mapfre Middlesea stated that it retained its leadership of the non-life market with its market share increasing marginally from the prior year.

The Group’s Long-Term Insurance Business subsidiary Mapfre MSV Life plc (50% owned) registered a profit before tax of €15.7 million, compared to the €15.0 million recorded in the prior year.

Overall, the Group generated pre-tax profits of €29.6 million, which is 19.4% higher than the €24.8 million figure of the previous year. After accounting for a tax charge of €9.1 million and non-controlling interests of €5.6 million, the net profit attributable to shareholders amounted to €14.9 million (2024: €12.5 million), which translates into a return on average shareholders’ funds of 14.7% (2024: 13.6%).

The Statement of Financial Position shows that total assets increased by 1.5% (or €37 million) to €2.49 billion. Total liabilities rose by 1.0% (or €22.1 million) to €2.3 billion. Meanwhile, shareholders’ funds increased by 11.1% (or €10.6 million) to €107.0 million (2024: €96.3 million), which translates into a net asset value per share of €1.163 (31 December 2024: €1.047).

Dividend

The Directors are recommending a final net dividend of €6.0 million, equivalent to €0.065217 per share, which is 25.0% higher than the dividend paid out last year. This is payable on 26 May 2026 to all shareholders as at the close of trading on Friday 8 May 2026, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 30 April 2026.

Outlook

The Directors noted that management will present a new strategic plan for the period 2027–2029 later this year, which will be inspired by the vision, purpose, and values that distinguish the Group. The company also intends to reset its strategic plan during 2026 to better align with the broader Mapfre Group strategic cycle and to leverage ongoing technological transformation. The directors stated that they will propose a resolution to change the company’s name from Mapfre Middlesea to Mapfre Malta at the forthcoming AGM as they see clear tangible benefits in aligning the name with the larger global brand of MAPFRE.