Fitch Ratings has reaffirmed Mapfre Sigorta’s National Insurer Financial Strength Rating at AA+(tur) and maintained a stable outlook, reflecting continued confidence in the insurer’s balance sheet and operating resilience. The agency also pointed to the company’s growing capital capacity, noting that the result generated by its internal capital model has improved to the strong category.
In its evaluation, Fitch described Mapfre Sigorta as a significant subsidiary of the Mapfre Group. The rating view is supported by the insurer’s solid capital structure, consistent financial performance, and the strategic backing it receives from its parent organisation, particularly in governance, operational support, and risk management practices.
Capital adequacy and group support stand out
The rating report underscored the group’s ongoing commitment to the Turkish market while highlighting the insurer’s stronger capital position. By the end of 2025, Mapfre Sigorta’s capital adequacy ratio had reached 146 per cent, a level that drew attention in Fitch’s review. The agency further indicated that robust investment income is expected to continue supporting results in 2026, helping to balance pressure on technical profitability.
Fitch’s assessment also signals confidence in the company’s financial durability, especially as market conditions remain challenging. The combination of capital reinforcement and continued support from the wider Mapfre Group was presented as a key factor behind the maintained rating level.
Management highlights disciplined growth
Commenting on the decision, Mapfre Sigorta General Manager Erdinç Yurtseven said the reaffirmed AA+(tur) rating reflects the company’s strong capital base, prudent financial management, and commitment to sustainable expansion. He stated that the company continues to prioritise balanced growth without being driven by short-term volatility.
According to Yurtseven, premium production rose to TL 26.5 billion in 2025, representing growth of around 40 per cent compared with the previous year. He noted that this performance exceeded the sector average while preserving discipline in both risk management and portfolio composition. Over the same period, net profit increased to TL 1.91 billion, while the capital adequacy ratio climbed to 146 per cent.
He also emphasised the significance of Fitch’s decision to raise the outcome of its risk-based capital assessment, the Prism Model, to the Strong level. In his view, this development further confirms the insurer’s financial resilience. Yurtseven added that Mapfre Group’s long-term commitment to Türkiye remains a major source of confidence, and said the company will continue enhancing technical discipline, operational efficiency, and risk management capabilities to create sustainable value for customers, business partners, and stakeholders.
