Mapfre, the largest insurer in the country, saw a 69.5% increase in net profit in the first quarter of the year, reaching 216.3 million euros. This growth was driven by several factors, including a doubling of profits in the reinsurance sector, totaling 67 million euros, as well as expansion in Spain and Brazil. Premiums also saw a 4.6% increase in the first three months, totaling 8,142 million euros.
Premiums by segment showed positive growth as well. Non-life premiums increased by 6.9%, with the reinsurance sector seeing the largest increase at 9.3%. General Insurance and Auto premiums also rose, while Health and Accident premiums grew by 6%. Despite these positive numbers, there are still challenges facing the automobile segment with a combined ratio above 100%.
Mapfre is optimistic about the remainder of the year despite geopolitical uncertainties. The company is focused on improving profitability in key segments such as the automobile sector and implementing measures such as rate increases and policy cancelations to ensure profitability in this segment. Additionally, Mapfre has approved the distribution of a dividend to shareholders and is set to pay 0.09 euros per share on May 24. Shareholders must hold company shares before the 22nd to be eligible for the dividend. Overall, Mapfre’s financial performance in