AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating of “a+” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of MAPFRE México, S.A. (MAPFRE Mexico) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

MAPFRE Mexico is a member of MAPFRE S.A. (MAPFRE), which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong, as well as strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The ratings reflect MAPFRE Mexico’s strategic importance within MAPFRE Internacional S.A. and the benefits derived from group’s global practices, synergies and operational efficiencies. As part of MAPFRE, MAPFRE Mexico leverages its parent group’s expertise and international reach to strength its domestic performance.

Established in March 1944, MAPFRE Mexico continues to consolidate its position in the Mexico insurance market, ranking among the top 10 insurance companies with a 4% market share as of 2025. The company maintains a diversified business profile as a multiline insurer, offering products across the life, health, and property/casualty (P/C) segments. At the end of 2025, the company’s portfolio distribution stood at 50% for P/C (including auto) and 50% for life and health. The company’s solid market position is supported by a broad and efficient distribution network that includes agents, brokers, specialized providers and 208 points of sale across the country.

Despite a 22% increase in premiums written in 2025 and a stable retention rate, MAPFRE Mexico’s operating performance was affected adversely by the recognition of non-creditable VAT, in accordance with the provisions of Mexico’s Federal Revenue Law for fiscal year 2025. This tax treatment resulted in higher claims costs, negatively impacting underwriting profitability. Financial income partially offset underwriting losses; however, the company reported a net loss of MXN 63.2 million for the year. AM Best views the management team as well positioned to prudently execute its business strategy and support a return to profitability over the near term.

MAPFRE Mexico’s risk-adjusted capitalization remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The very strong assessment for MAPFRE Mexico’s balance sheet strength, as measured on a consolidated basis, remains slightly dependent upon dividend payments to its holding company. In the medium term, AM Best expects MAPFRE Mexico to continue fine-tuning its underwriting strategy to enhance net results, and therefore, continue to expand its capital base.

MAPFRE Mexico’s ERM practices are well established and implemented throughout the company and closely follow those set by MAPFRE. This integration has benefited the company’s implementation of Mexico’s Solvency II-type regulations.

Positive rating factors may arise should the MAPFRE group successfully expand its profile while maintaining strong operating performance and the very strong balance sheet fundamentals, in which case, MAPFRE Mexico’s ratings would move in tandem. If negative rating pressure develops as a result of a notable deterioration in balance sheet strength to a level no longer supportive of the very strong balance sheet assessment or following a deterioration in operating performance metrics of the MAPFRE group, below those commensurate with the strong assessment, MAPFRE Mexico’s ratings would mirror those actions. A change in AM Best’s perception regarding the actual or perceived level of MAPFRE Mexico’s strategic importance to the MAPFRE group also could impact the company’s ratings.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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