Best’s News & Research Service - October 23, 2025 10:28 AM (EDT)
AM Best Affirms Credit Ratings of MAPFRE México, S.A.
- October 23, 2025 10:28 AM (EDT)
//BestWire// - 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 8th with a 4.5% market share as of the second quarter of 2025, up from 4.3% in 2024. 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 2024, the company’s portfolio distribution stood at 54% for P/C (including auto) and 46% 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 215 points of sale across the country.
MAPFRE Mexico’s underwriting performance remained stable during 2024, with a loss ratio of 61.4%, reflecting an improvement from 64.3% in 2023, during which the claims volume was offset by growth in gross premium written and retention. The combined ratio reached 102%, reflecting a moderate increase compared to the previous year, primarily due to higher acquisition costs. Overall, these results demonstrate a solid technical performance supported by premium growth and an efficient balance between underwriting costs and portfolio development. Going forward, AM Best expects the company to continue performing with premium sufficiency, driven by profitable results.
MAPFRE Mexico 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.
If negative rating pressure develops as a result of a deterioration in operating performance metrics of the MAPFRE group, below those commensurate with the strong assessment or following a notable deterioration in balance sheet strength to a level no longer supportive of the very strong balance sheet assessment, the ratings of MAPFRE Mexico would mirror those actions. Positive rating factors may arise should the group successfully expand its profile whilst maintaining strong operating performance and the very strong balance sheet fundamentals, in which case, the ratings of MAPFRE Mexico would move in tandem. 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.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
· Evaluating Country Risk (June 6, 2024)
· Understanding Global BCAR (Sept. 18, 2025)
· Catastrophe Analysis in AM Best Ratings (Feb. 8, 2024)
· Available Capital and Insurance Holding Company Analysis (Sept. 18, 2025)
· Best's National Scale Ratings (July 31, 2025)
· Scoring and Assessing Innovation (Feb. 20, 2025)
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.
· Previous Rating Date: Oct. 17, 2024
· Initial Rating Date: Oct. 22, 1999
· Date Range of Financial Data Used: Dec. 31, 2020 – Dec. 21, 2024
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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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.