Spanish insurer Mapfre said on Thursday that losses from the June 24 earthquakes in Venezuela would be up to €25 million ($28.5 million), after its first-half net profit grew 9.4% despite storm-related claims in Spain and Portugal and negative currency effects in Turkey.
Growing profits and Mapfre’s $1.54 billion acquisition of U.S.-based Safety Insurance, also announced on Thursday, demonstrate a push for expansion even as it absorbs geopolitical and catastrophe-related headwinds.
- Storms in Portugal and Spain cost Mapfre about €50 million in Q1, which was absorbed without major difficulty, CFO Jose Luis Jimenez said
- Result in Turkey was hit by Q1 floods, €14 million hyperinflation adjustment and 12.4% lira depreciation
- Non-life combined ratio, a profitability measure where a lower figure indicates better performance, improved to 92.8% from 93.1%
- Mapfre is cautiously optimistic for the second half and on track to meet 2024-2026 goals
- Safety Insurance acquisition to boost net profit by 5% once fully integrated
- Jimenez said the deal would benefit Mapfre “from a strategic and a financial perspective” and add value from the start
- Shares down 5% by 1005 GMT, with analysts pointing to mixed results
($1 = €0.8787)
(Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Milla Nissi-Prussak)
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Topics Carriers Profit Loss
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