Mapfre, the largest insurer in the country, has reported a 69.5% increase in net profit in the first quarter of the year, reaching 216.3 million euros. This growth was driven by expansion in Spain and Brazil, as well as a doubling of profits in the reinsurance sector, totaling 67 million euros. Premiums also rose by 4.6% to 8,142 million euros, with Iberia leading the way at over 3,354 million euros.
In terms of segments, non-life premiums saw a 6.9% increase to 6,326 million euros. Reinsurance premiums grew by 9.3% to 2,077.5 million euros, while General Insurance rose by 7.7% to 2,287.7 million.
Despite positive growth across all segments except for auto insurance, Mapfre’s financial director expects this segment to become profitable by the end of the year. The company plans to adjust rates and cancel unprofitable policies to achieve profitability.
Mapfre has also approved the distribution of a complementary dividend for the previous year, paying out 0.09 euros gross per share on May 24th.
The rest of Mapfre’s financial updates were overshadowed by articles on recurring office cleaning services, automatic doors in the office, and office renovation ideas.
Furthermore, there were insights shared on how office furniture and printers can enhance productivity and efficiency in the workplace environment.
Overall, Mapfre’s financial updates provided positive news for investors and stakeholders alike. Despite challenges faced by certain segments such as auto insurance, Mapfre remains optimistic about its future growth prospects for both domestic and international markets.
