MAPFRE reported revenues of €21.62 billion (around £18.6 billion) in the first three quarters of 2019, representing a 6.5% increase on the same period in the previous year.
Additionally, the group saw its overall premiums grow by 2.5% to €17.65 billion. However, MAPFRE’s net earnings were reduced to €463 million (-12.5 percent), due mainly to the allocation of €77 million to write down its Asistencia business. Without this goodwill impairment, MAPFRE said its profits would have grown by 2%.
Read more: MAPFRE Global Risks reinforces engineering capability in the UK
Earnings at the group’s insurance units grew 7.8%, with premiums totalling €14.94 billion euros – a 4.1% increase compared to the same period last year. MAPFRE recorded solid earnings performance in its three main markets – Spain, Brazil and the United States – and positive development of its business in Latin America, where premiums grew 13.3% thanks to good results in Mexico, Peru, and the Dominican Republic.
Meanwhile, MAPFRE Re drove its premium volume up by 7.6% to €4.08 billion, including figures from Global Risks business premiums (€777 million). However, MAPFRE Rs’s net earnings were €102 million (-17.6%), affected by an increase in non-catastrophic claim frequency coming from the MAPFRE Global Risks portfolio.
