28 April 2023Insurance

Mapfre Q1 profit hit by inflation & Turkey quake but CEO remains ‘optimistic’

Spain-based global re/insurer  Mapfre saw a 17% decline in its net results with its reinsurance unit, Mapfre Re, down nearly 9% in the first quarter 2023, mainly driven by losses from the Turkish earthquake but also large claims in the auto line of business.

Mapfre posted revenues of over €9.1 billion for Q1, up 21% from the prior year first quarter, reflecting a 10.3% increase in non-life and a 59.5% increase in life, mainly due to performance in Spain and Brazil.

The company highlighted that its business in Iberia grew “above the market” both in life and non-life. Premiums in Iberia reached over €3.3 billion, 31% higher than previous year.

Mapfre's premiums grew 19%. However, its overall net results declined 17% to €128 million in Q1. The earthquake in Turkey, estimates of which are still subject to a full damage assessment, had a net impact of
approximately €77 million on the results.

Within its reinsurance business Mapfre Re, premiums, which include reinsurance and global risks business, grew 8%, reaching over €2.0 billion. The reinsurance business grew 6.7% while the global risks business advanced more than 11%. However, the net result declined nearly 9% to €33.4 million, with the combined ratio going up to 98.8%.

Commenting on the results, Antonio Huertas (pictured), president and CEO of Mapfre, said: “Once again, the high level of business diversification allows us to face challenges, like those presented by inflation in Non-Life lines, with a sustainable result.

“These results make us feel optimistic in the current context and are proof of the strength of our business model.”

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