Mapfre, the largest insurer in the country, has fired its net profit increased by 69.5% in the first quarter of the year, to 216.3 million euros. This has been contributed to by the fact that the reinsurance part has doubled its profits, up to 67 million euros, as well as the growth in Spain and Brazil.
Premiums grew by 4.6% in the first three months of the year, reaching 8,142 million euros, of which Iberia continues to be the largest item, with more than 3,354 million, with a growth of 0.8%. Latin America grew more than 9% with a total of 2,572 million euros.
By segment, total non-life premiums increased by 6.9%, to 6,326 million euros. Of that figure, the largest increase occurred in Reinsurance, which advanced 9.3%, to 2,077.5 million euros, while those of General Insurance rose 7.7%, to 2,287.7 million. On the other hand, Auto premiums were 1,629.2 million, 3.4% more, and Health and Accident premiums stood at 1,176 million, 6% more.
The most important business for the company, The automobile segment is still not profitable, with a combined ratio of 105.3% (above 100 it is understood that expenses exceed income). The financial director of the insurance company, Fernando Mata, explained in a press conference that this situation will be reversible this year. “The logical thing is that throughout 2024 this sector is positive,” he stated. “It is true that we still have some difficulties in Autos and in some relevant markets such as Iberia, but we see a very clear path of improvement in the coming quarters,” explained Mata, in statements collected by Europa Press. This optimism regarding the remainder of the year remains “despite the geopolitical context,” he indicated.
In any case, the company recognized that the adjustment within the automobile industry is maintained this year, which implies an increase in rates and canceling those policies that are not profitable for the company.
Likewise, Mapfre has approved the distribution of the dividing complementary charged to last year. Pay 0.09 euros gross per share on May 24. To have access to the payment it is necessary to have company shares before the 22nd, when the cut-off date has been set.