Mapfre prevé mayor crecimiento en Brasil después de las elecciones

Mapfre anticipates stronger growth in Brazil following the upcoming general elections. After the October polls, the country's situation is expected to stabilize, creating favorable conditions for insurance distribution, according to Mapfre's executive team. Group CEO Antonio Huertas stated this during the latest bank meeting to explain the company's results up to June. While the political environment remains uncertain due to the ongoing election process, Huertas expects a political stabilization post-election.

With presidential candidate Luiz Inacio Lula da Silva and senator Flavio Bolsonaro leading the polls, neither appears to secure a majority of votes needed to avoid the planned second round on October 25th. Regardless of the outcome, Mapfre predicts a positive cycle starting from then. The improved economic fundamentals and expanded possibilities for distributing insurance products linked to financial solutions are key to boosting business expectations in this market, where the insurer has been present for over thirty years.

Huertas dismisses concerns about Mapfre's potential in Brazil, the company's most important market after Spain, as local currency revaluation has partially reversed the weakness in revenue. As of June, Mapfre's premiums in Brazil reached 2.249 million euros, a 4.1% increase compared to the same period in 2025. However, in constant exchange rates, the business volume declined by 0.7%.

Although credit-related insurance contracts are still influenced by high interest rates, impacting agribusiness and life risk branches, Mapfre's profit in Brazil grew by 5.1% in 2025 to 268 million euros, and by 4.3% in the first half of the year to 136.3 million euros. The Brazilian division continues to outperform other regions, making it a strategic market for Mapfre's growth.