Mapfre’s first-quarter profit jumps 69% to 216 million euros

Mapfre, the largest insurer in the country, has reported a 69.5% increase in net profit in the first quarter of the year, reaching 216.3 million euros. This growth was driven by a doubling of profits in the reinsurance sector, totaling 67 million euros, as well as expansion in Spain and Brazil. Premiums also rose by 4.6% to 8,142 million euros, with Iberia leading the way at over 3,354 million euros.

In terms of segments, non-life premiums saw a 6.9% increase to 6,326 million euros. Reinsurance premiums grew by 9.3% to 2,077.5 million euros, while General Insurance rose by 7.7% to 2,287.7 million. Auto premiums increased by 3.4% to 1,629.2 million euros, and Health and Accident premiums stood at 1,176 million euros, up by 6%.

Despite positive growth, the automobile segment remains unprofitable, with a combined ratio of 105.3%. Mapfre’s financial director expects this to change by the end of the year, anticipating a positive outlook for the sector in 2024. The company plans to adjust rates and cancel unprofitable policies to achieve profitability.

Mapfre has also approved the distribution of a complementary dividend for the previous year, paying 0.09 euros gross per share on May 24. The company advises shareholders to have company shares before the 22nd to access the payment.

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