Mapfre tops Spanish blue-chip index after 9-month results

Mapfre SA

29/10/2024 08:59

** Spanish insurer Mapfre  MAP.MC  jumps over 3% after it
reported a 39% increase in its 9-month net profit due to benign
weather and higher prices
    ** The company's attributable net result reached 654 million
euros  ($707.43 million), which included a 90 million euro
writedown of goodwill in its auto insurance unit Verti Germany
    ** Renta 4 Banco highlights premiums in Non-Life business
were 2% below estimates and those in Life business exceeded
forecasts by 3% versus the broker's estimate and consensus
    ** It also suggests that the positive performance is due to
a combination of tariff increases and normalization of claims,
providing a solid operating trend and profitability improvement,
which aligns with 2024-26 goals
    ** Mapfre shares top Spain's blue-chip index IBEX 35  .IBEX 
which remains flat, and are on track for best day since July



($1 = 0.9245 euros)

 (Reporting by Marta Serafinko and Natalia Siniawski)
 ((gdansk.newsroom@thomsonreuters.com ; +48 58 769 66 00;))