Mapfre's net profit jumps 70% on non-life business and lack of significant catastrophes (updated)

Mapfre SA

25/04/2024 13:45

(Adds more context, dividend)
       April 25 (Reuters) - Spanish insurer Mapfre  MAP.MC 
said on Thursday its first quarter net profit soared almost 70%
compared to the same period last year, thanks to an absence of
significant catastrophes and higher profitability of its
non-life insurance business.
    Mapfre said that an improvement in Non-Life technical
profitability and a 30.2% increase in financial income for the
Non-Life business, bolstered by the stability of the Life
Protection business in Spain, Portugal and Latin America,
contributed to the surge of first-quarter income. 
        The lack of major catastrophe events, such as the 2023
earthquake in Turkey that had more than 99 million euro 
    negative impact
     on the company's results, had a further positive effect on
the results.
  
        The company's net profit rose to 216.3 million euros
($231.46 million) in the first quarter, up from 127.6 million
euros recorded a year earlier, while the group's premiums rose
4.6% to 8.14 billion euros.
  
        The business in Latin America improved and the region
continued to be the largest contributor to profit even though
economies suffering from hyperinflation, mainly Argentina, cost
the insurer 24.6 million euros.
  
         In a separate statement, the company said its board
approved a final gross dividend against 2023 fiscal year of 0.09
euros per share, to be paid on May 24. 
        ($1 = 0.9331 euros)

 (Reporting by Marta Serafinko and Natalia Siniawski, editing by
Inti Landauro)
 ((Marta.Serafinko@thomsonreuters.com;
Natalia.Siniawski@thomsonreuters.com; +48 58 769 66 00;))