MEXICO CITY–(BUSINESS WIRE)–#insurance—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.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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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Contacts
Frida García
Associate Financial Analyst
+52 55 1102 2720, ext. 133
[email protected]
Olga Rubo, FRM, CPU
Associate Director, Analytics
+52 55 1102 2720, ext. 134
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Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
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Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
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