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Mapfre profits up 20% in Q1.
(From Insurance Day)
Byline: Stuart Collins
CORPORACION Mapfre (Mapfre) reported a 19.6% increase in first quarter post-tax profits at E34.1m.
Total insurance and reinsurance revenues for the group were up 7.5% to E1,650m, mainly due to the growth of business in Spain. Domestic property/casualty (p/c) insurance premiums were up 24.8% to E695.1m while life insurance premiums were up 6.9% to E496.8m. Spanish direct insurance produced a 23.4% improvement in post-tax profit at E61.5. Overseas insurance business produced an 8.7% increase in profit to E13.m while reinsurance posted a 70.5% increase in post-tax profit to E10.4.
Mapfre's main Spanish and Portuguese subsidiary, Mapfre Caja Madrid Holding, reported insurance and reinsurance premiums of E1,192m, up 17.5%. The Spanish commercial unit, Mapfre Industrial, reported a 93% increase in premium for the ...
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