Mapfre shares fall after FY results miss expectations

Mapfre SA

14/02/2024 09:35

** Shares of Mapfre  MAP.MC  fall 4.5% after the Spanish
insurer posted full-year results below analyst expectations
    ** Spain's second-largest insurance company by premiums
reports a net profit of 677 million euros ($725 million) while
analysts had expected 730 million, LSEG data showed
    ** Excluding a 75 million euro writedown related to its U.S.
car insurance business, net profit stood at 767 million euros
    ** Several disasters in 2023, such as the earthquake in
Turkey and Hurricane Otis in Mexico, had a negative impact on
the results
    ** The shares underperform Spain's IBEX 35 index  .IBEX  and
are on track for their worst day since March 2023 if losses hold

 (Reporting by Joao Manuel Mauricio)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))