Mapfre posts 46% profit growth for Q2
Spanish insurer Mapfre has published its results for the second quarter of 2024, during which time its net results grew by 46%, reaching €462m for the first six months. The Madrid-based firm also reported a non-life combined ratio of 95.7% for the first half of 2024, a 1.3% increase on the same period in 2023.
According to Mapfre, the improvement in profit was partially down to the performance of the reinsurance business, Mapfre Re, as well as its North American and Iberian arms. Mapfre Re, which also includes its Global Risks businesses, saw its results grow by 15% to almost €140m. Premiums for Mapfre Re increased by 5.5% for the first half of the year, reaching €4.3bn, with more than €1bn coming from the risk consulting business.
The combined ratio for Mapfre Re improved to 95.1% (-0.6 p.p.), supported by the recovery of tariffs, especially catastrophic covers. The largest loss event for Mapfre Re in H1 was the flooding in the Rio Grande do Sul region in Brazil, which had a €41m negative net impact on the parent group’s attributable result.
While there were no other relevant catastrophic events, there has been an increase in medium intensity claims, stated Mapfre. In comparison, for the same period in 2023 there was an earthquake in Turkey with a net impact of €99m.
In terms of regional statistics, Latin America was the highest contributor to group profit, bringing in €203m. Total premiums for the group grew by 5.5%, 6.5% in non-life, surpassing €15.1bn, while revenue reached over €17.7bn.
Chairman and CEO Antonio Huertas also cited the company’s strategic plan, adding that the Q2 results “confirms the trend we are aiming for” with the plan. “The adjusted RoE is over 11%, we are growing profitably and solidly in the majority of countries and in all business units,” said Huertas. “We continue to improve the company’s combined ratio, adapting the auto line in the markets where there are still complications,” he added.
