Mapfre: Q1 2023 results

As at 31 March 2023, the Mapfre group has recorded a 19.1% increase in its turnover which amounted to 7.8 billion EUR (8.5 billion USD).

Non-life premiums have reached 5.9 billion EUR (6.4 billion USD), representing a 10.3% growth compared to the same period in 2022. The non-life combined ratio has dropped by 0.4 points to 98.5%.

The life activity has posted a strong progression of 59.5% of the premium income at 1.9 billion EUR (2.1 billion USD), mainly driven by the operations in Spain and Brazil.

The Spanish group's quarterly net profit fell by 17.4% over a year to stand at 128 million EUR (139.2 million USD). The net result was mainly impacted by natural catastrophe claims, notably the earthquakes in Turkey which could cost the reinsurer 77 million EUR (83.7 million USD) in the first quarter of 2023.