Mapfre, the leading insurer in the country, has reported a significant 69.5% increase in net profit in the first quarter of the year, totaling 216.3 million euros. This growth was driven by various factors, including a doubling of profits in the reinsurance sector, worth 67 million euros, and expansion into new markets such as Spain and Brazil. Additionally, premiums rose by 4.6% to 8,142 million euros, with Iberia leading the way with over 3,354 million euros.
In terms of segments, non-life premiums saw a notable increase of 6.9% to 6,326 million euros. Reinsurance premiums grew by 9.3% to 2,077.5 million euros while General Insurance increased by 7.7% to 2,287.7 million euros. Auto premiums also rose by an impressive 3.4% to 1,629.2 million euros while Health and Accident premiums stood at 1,176 million euros up by a substantial six percent.
Despite this positive growth in several areas of their business operations Mapfre still faces challenges with its automobile segment remaining unprofitable with a combined ratio of -105.3%. However their financial director expects this situation to change before the end of the year and anticipates a positive outlook for the sector in 2024.
To achieve profitability Mapfre plans to adjust rates and cancel unprofitable policies.
As part of their ongoing commitment to rewarding shareholders Mapfre has approved the distribution of a complementary dividend for last year’s earnings paying -0.09 gross per share on May-24th . The company advises shareholders to have company shares before May-24th if they want to receive payment.
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