Mapfre, the largest insurer in the country, 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 saw a 4.6% increase in the first three months, totaling 8,142 million euros.
In terms of premiums by segment, non-life premiums increased by 6.9%, with the reinsurance sector seeing the largest increase at 9.3%. General Insurance and Auto premiums also rose, while Health and Accident premiums grew by 6%. Despite these positive numbers, the automobile segment is still facing challenges with a combined ratio above 100%.
Mapfre is optimistic about the remainder of the year despite geopolitical uncertainties. The company is focused on improving profitability in key segments such as automobile insurance and anticipates positive results by 2024. Measures such as rate increases and policy cancelations are being implemented to ensure profitability in this segment. Additionally, Mapfre has approved the distribution of a dividend to shareholders and is set to pay 0.09 euros per share on May 24. Shareholders must hold company shares before