Spain's Mapfre books higher profit in 2024 despite cost of floods (updated)

Mapfre SA

12/02/2025 07:52

(Adds market expectations, cost of floods in second and third
paragraphs)
       Feb 12 (Reuters) - Spain's insurer Mapfre  MAP.MC  said
on Wednesday that its net profit rose slightly more than 30% in
2024 thanks to its non-life business despite the cost of
weather-linked disasters in Europe and Brazil.
    The company's net profit soared to 902 million euros
($934.56 million), up from 692 million euros recorded a year
earlier. Analysts expected a net profit of 875 million euros,
according to LSEG. 
        The insurer managed to raise its profits despite the
cost of deadly 
    floods in Valencia
    , Spain, in late October, which had a negative impact of 34
million euros on its bottom line. Devastating floods in Rio
Grande do Sul region in Brazil and storms in Europe meant
another combined 82 million euro cost to Mapfre.
  
        The annual net profit also includes a 
    90 million euro 
    writedown on the value of Verti, its auto insurance unit in
Germany, booked in the third quarter.
  
     ($1 = 0.9652 euros)

 (Reporting by Marta Serafinko and Natalia Siniawski in Gdansk,
editing by Inti Landauro)
 ((marta.serafinko@thomsonreuters.com;
natalia.siniawski@thomsonreuters.com))