Mapfre Perú Compañía de Seguros y Reaseguros S.A.

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What it is

Mapfre Perú sells a wide span of insurance — road accident cover (the mandatory SOAT), vehicle, life, health, home, travel, funeral and burial policies, plus worker protection plans and business risks — making it close to a one-stop insurer for both individuals and companies. Through its fully consolidated subsidiary Corporación Funeraria S.A., it also operates funeral homes and cemetery facilities.

The company was created in 1997 when Spanish parent Mapfre América bought 51% of El Sol Nacional Compañía de Seguros y Reaseguros. In 2007, Mapfre América acquired 98.55% of Latina Seguros y Reaseguros, which was then merged into Mapfre Perú in 2008, giving the company its current, broader shape.

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Who owns it

The controlling shareholder is Mapfre Internacional S.A. — the Spanish group’s Americas holding vehicle — which owns approximately 67.4% of the company’s capital. Mapfre Internacional is itself part of the wider Mapfre system, a conglomerate of more than 200 financial and insurance companies operating in 44 countries.

At the top of that chain sits Fundación MAPFRE, a Spanish private foundation that holds majority control of the listed parent, MAPFRE S.A. (Madrid: MAP). As recently confirmed in exchange filings, the free float in the Peruvian vehicle is roughly the residual ~32.6% not held by the Spanish parent.

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Who runs it

Pablo Andrés Jackson Alvarado has been chief executive (Gerente General) since 1 June 2023, appointed by the board after the resignation of Renzo Santino Calda Giurato from the operating role. Jackson brings 30 years in Latin American insurance and first joined MAPFRE Peru in 2005 as Technical Vice-President before becoming CEO of MAPFRE Colombia.

Renzo Calda remains the board’s Chairman — a position he has held since 2007 — while also serving as CEO of the MAPFRE LATAM South-Centre regional area. The CFO is not disclosed in available sources.

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The money, in plain words

Full-year 2025 revenue reached PEN 2.46 bn (US$719.7 m), a 12.45% rise from PEN 2.19 bn (US$641 mn) the year before — a healthy clip for an insurer in a mid-income market. On a trailing basis, the company earned PEN 219.3 m (US$64.2 m) in net profit on PEN 2.50 bn (US$732 mn) in revenue, translating to a net profit margin of roughly 8.8% (our calculation) — reasonable for a mixed life-and-general insurer.

For every sol of shareholders’ equity, the company returns about 22 cents a year — a return on equity of 22.45%, which is strong for the sector. In 2024, retained claims fell sharply as vehicle and fire damage normalised from the prior year’s climate-event spike, driving the net claims ratio down to 29.78% from 35.89% in 2023 — the single biggest swing in profitability.

Shareholders’ effective capital grew 19.53% through the year, after agreed profit capitalisations of S/48.9 m (US$14 mn) and a legal reserve contribution of S/14.5 m (US$4 mn).

The stock trades at 24.19 times trailing earnings (a price-to-earnings ratio of 24.19×), a premium that reflects the company’s strong equity returns but leaves little margin for disappointment. Shareholders receive a dividend yield of 1.68%, modest but meaningful given the stock’s low volatility.

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What it is doing now

At the February 2025 shareholder meeting, the company approved capitalising a further S/60 m (US$18 mn) of its 2024 earnings, reinforcing its capital base rather than distributing more cash — a conservative posture typical of an insurer building solvency headroom. MAPFRE Peru is currently described internally as the fourth-largest profit contributor in the entire MAPFRE Group globally, and the single largest source of premiums in the LATAM South region.

One item worth watching: at the close of 2024, bonds issued by Telefónica del Perú made up 0.58% of the investment portfolio, and management indicated it expected to make additional provisions in line with whatever the regulator requires — a small but live risk as those bonds remain under stress.

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What to watch

• Claims normalisation: The 2024 improvement in the net claims ratio was partly driven by one-time reserve releases; whether that holds in 2025 is the key test for margins.
• Solvency buffer: The surplus of effective capital over regulatory requirements improved to 1.09× from 1.07×, but still sits below the peer average — a figure the regulator watches.
• Leadership continuity: CEO Pablo Jackson is only two years into the role; his strategic imprint on product mix and digitisation is still forming.
• Board independence: All four board directors are non-independent, a corporate-governance flag that analysts note as a structural risk in a company fully controlled by its Spanish parent.
• Telefónica del Perú bonds: The small exposure noted above could require fresh provisions if the regulator moves, shaving near-term profit.

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This is news, not investment advice.