Mapfre’s First Quarter Report: 69.5% Increase in Net Profit and Strategic Focus on Improving Profitability in Key Segments.

In the first quarter of the year, Mapfre, the largest insurer in the country, reported a 69.5% increase in net profit, 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 saw a 4.6% increase in the first three months, totaling 8,142 million euros, with Iberia and Latin America experiencing significant growth.

Mapfre’s financial performance in the first quarter shows positive growth and a strategic focus on improving profitability in key segments such as the automobile sector. The company is optimistic about the remainder of the year despite geopolitical uncertainties and has implemented measures such as rate increases and policy cancelations to ensure profitability in this segment. Additionally, Mapfre has approved the distribution of a dividend to shareholders and is set to pay 0.09 euros per share on May 24. Shareholders must hold company shares before the 22nd to be eligible for the dividend.

In terms of premiums by segment, non-life premiums increased by 6.9%, with the reinsurance sector seeing the largest increase at 9.3%. General Insurance and Auto premiums also rose, while Health and Accident premiums grew by 6%. Despite these positive numbers, the automobile segment is still facing challenges with a combined ratio above 100%. However, Mapfre is focused on improving profitability in this area and anticipates positive results by 2024. Measures such as rate increases and policy cancelations are being implemented to ensure profitability in this segment.