Mapfre: Q1 2024 results

Mapfre recorded a 4.6% increase in written and accepted premiums to 8.1 billion EUR (8.7 billion USD) as at 31 March 2024.

Non-life premiums were up by 6.9% to 6.3 billion EUR (6.8 billion USD). The combined ratio has improved by 2.7 points to 95.8%.

The life business posted a premium income of 1.8 billion EUR (1.9 billion USD), representing a 2.7% decline compared with the same period of 2023.

The insurer's earnings were up by 2.9% to 9.4 billion EUR (10.1 billion USD), as compared with the figure recorded at the end of March 2023.

The Spanish group closed the first three months of the current financial year with a strong 69.5% increase in net result to 216.3 million EUR (233.4 million USD).

These improved results are largely attributable to better non-life underwriting profitability and the absence of any major natural catastrophe claims.

Mapfre's shareholders' equity stood at 8.1 billion EUR (8.7 billion USD) in the first quarter of 2024.