MAPFRE RE sees 9M’24 premiums hit €6.3bn as net result climbs 9.3%

MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums reached almost €6.3 billion in the first nine months of 2024, up 3.5% from last year, while the net result hit €207 million.

MAPFRE RE’s premium figure in the first 9M includes the reinsurance business, which contributes more than €4.8 billion, and the global risks business, which contributes over €1.4 billion.

Meanwhile, the combined ratio for MAPFRE RE in the first 9M was reportedly stable at 95.5% up just 0.5 percentage points from the same period of 2023.

According to the firm, the most relevant event for MAPFRE RE in Q3 of 2024 was the storms in Europe, with no other relevant catastrophic events.

MAPFRE continued, “However, prudence levels continue to be strengthened in reserves in response to the increase in secondary perils and the recurrence of catastrophic events.

“The financial result increases its contribution. Net financial losses were realized during the year for the amount of €0.5 million (€8.4 million in gains in 2023), after taxes and minorities.”

For the first 9M of 2024 MAPFRE’s overall net result was $744 million, up 36% from the the same period of 2023.

The strong growth in the result was reportedly driven by improvements in technical management in all regions and business units.

“The positive business performance allows us to raise the interim dividend to 6.5 cents gross per share (+8% more than the previous year),” MAPFRE said.

At the same time, MAPFRE’s overall premiums were up 4.6% in the first 9M of 2024, reaching over €21.6 billion, with advances in all lines of business.

Of this total, premiums in IBERIA reached nearly €7.2 billion, with Spain standing out with over €6.8 billion. At the same time, premiums in LATAM were €7.7 billion, and premiums reached over €2.1 billion in North America.

Antonio Huertas, Chairman and CEO of MAPFRE, commented, “The figures for the third quarter confirm the positive trends driven by the new Strategic Plan. The increase in the dividend reflects our confidence in the future and our commitment to shareholders.

“Additionally, we have strengthened our balance sheet even more in an exercise of prudence, maintaining the growth in our capital base.”

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