In the first quarter of the year, Mapfre, the largest insurer in the country, experienced a 69.5% increase in net profit, reaching 216.3 million euros. This growth was driven by several factors including a doubling of profits in the reinsurance sector, which totaled 67 million euros, as well as expansion in Spain and Brazil. Premiums also saw a 4.6% increase in the first three months, totaling 8,142 million euros.
The reinsurance sector was the largest contributor to this growth with non-life premiums increasing by 6.9%, and general insurance and auto premiums also rising. Health and Accident premiums grew by 6%, while Iberia and Latin America experienced significant growth in premiums as well. Despite these positive numbers, there are still challenges facing the automobile segment with a combined ratio above 100%.
Despite geopolitical uncertainties, Mapfre is optimistic about the remainder of the year and is focused on improving profitability in key segments such as the automobile sector. Measures such as rate increases and policy cancelations are being implemented to ensure profitability in this segment. The company anticipates positive results by 2024 and is confident that it will be able to overcome any challenges that may arise along the way.
In addition to its financial performance, Mapfre has also approved the distribution of a dividend to its shareholders for May 24th at a rate of 0.09 euros per share per shareholder who holds company shares before May 22nd will be eligible for payment.
Overall, Mapfre’s financial performance in Q1 shows positive growth and strategic focus on improving profitability in key segments such as automobile sector
