Spain's Mapfre says net profit rose on car insurance recovery (updated)

Mapfre SA

25/04/2025 09:05

Adds details on car insurance and the effects of wildfires in California in paragraphs 3-4

April 25 (Reuters) - Spanish insurer Mapfre MAP.MC said on Friday its net profit in the first quarter rose 28% as a recovery in its car insurance business offset costs associated with wildfires in California.

The company's net profit increased to 275.9 million euros  ($312.54 million), compared with 216.3 million euros in the same period of the previous year, while premiums rose 5.4% to 8.58 billion euros.

The company attributed the profit increase to its non-life business, most notably a recovery of its car insurance business in Spain and in the U.S. that was hit in the past by soaring inflation.

The increases offset a cost of 85 million euros associated to the wildfires in California during the period.

Mapfre will pay a final gross dividend against 2024 of 0.095 euro per share on May 29.

($1 = 0.8828 euros)

 (Reporting by Marta Serafinko and Mireia Merino in Gdansk
Editing by Inti Landauro, David Goodman and Tomasz Janowski)

 ((Marta.Serafinko@thomsonreuters.com;))