Mapfre’s 3Q results were in line with our expectations. The Spanish insurer delivered a robust performance in its P&C business. Nonetheless, the U.S. operations still have a long path to profitability, and we do not see this occurring before the first half of 2025.
Brazil remains a key driver of the company’s overall performance. However, the standout performer was MAPFRE RE, which is steadily increasing in importance with each reporting period. We expect this trend to continue in the future.
