MAPFRE unveils half-year outcomes | Insurance coverage Enterprise America

World insurance coverage firm MAPFRE skilled substantial development within the first half of 2023, with income surging by 15% and reaching a powerful €17 billion (about $18.73 billion), in accordance with outcomes launched by the corporate.

Nonetheless, the online end result was barely impacted, standing at €317 million, a 6% lower. The dip was attributed to challenges within the auto section and the aftermath of the earthquake in Turkey.

Among the many areas, Iberia showcased outstanding efficiency, boasting the best development charge at over 20%. In the meantime, in Latin America, web outcomes soared to €193 million, considerably contributing to the general earnings of the corporate.

Notably, the non-life sector exhibited enhancements, with a decrease mixed ratio of -1.3 share factors, primarily pushed by normal property and casualty. Moreover, the monetary end result made a big contribution, surging by 26%.

Within the life section, premiums noticed a notable improve of 29%, accompanied by a 16% enchancment within the Life technical monetary end result.

MAPFRE RE, the reinsurance arm of the corporate, contributed €121 million to the general outcomes and showcased strong enterprise development.

For the primary time, MAPFRE S.A. offered its accounts underneath the brand new accounting requirements, IFRS 17 & 9.

The corporate additionally introduced that it had acquired a beneficial arbitration ruling in its case regarding the termination of the alliance with Bankia.

“The energy that our nice diversification provides us is compensating all of the difficulties that the Auto line continues to face from inflation,” stated Antonio Huertas (pictured above), chairman of MAPFRE. “In Iberia, premiums are rising over 20%, whereas enterprise in LatAm can be exhibiting sturdy development, the place anti-inflation measures have been adopted earlier and are beginning to be seen within the end result. MAPFRE RE has contributed considerably to the end result.”

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