Mapfre holds sixth spot among Europe’s largest non-life insurers

Mapfre retained its position as the sixth-largest non-life insurer in Europe in 2025, reporting €21.97 billion in insurance service revenue, up 2.6% year over year, according to a new ranking published by Mapfre Economics.

The annual report, which analyzes the 20 largest European insurance groups under IFRS 17 and IFRS 9 accounting standards, found that non-life insurance revenue among the top 20 carriers increased 4.8% to €416.1 billion.

Allianz remained the largest non-life insurer in Europe with €78.2 billion in revenue, followed by Axa with €56.6 billion and Zurich with €42.8 billion.

In the overall ranking, which combines life and non-life business, Allianz also held the top spot with €102.8 billion in insurance revenue, ahead of Axa at €90.0 billion and Generali at €54.1 billion.

Mapfre ranked seventh overall with €26.35 billion in insurance revenue, up 3.3% from 2024. The insurer slipped one position after Aviva completed its acquisition of Direct Line and integrated the business, boosting Aviva’s revenue by 21.2% to €29.7 billion.

The combined revenue of the 20 largest European insurance groups reached €582.0 billion in 2025, an increase of 5.1%. According to Mapfre Economics, the results highlight the sector’s resilience despite geopolitical uncertainty, financial market volatility, and elevated global debt levels.

In life insurance, Axa led the ranking with €33.4 billion in revenue, followed by Allianz with €24.5 billion and Generali with €20.9 billion.

Mapfre ranked 17th in the life segment, generating €4.39 billion in revenue, a 6.9% increase from the prior year. The report noted that life insurance growth across Europe benefited from a favorable interest-rate environment that supported demand for long-term savings and annuity products.