Spanish re/insurer MAPFRE has reported favourable growth of 14.5% within its reinsurance business, citing it as contributing factor in the overall group’s 6.4% increase in net earnings.
MAPFRE RE contributed more than €95 million to earnings, compared to losses of €20 million for the same period in 2020, mainly related to the pandemic and earthquakes in Puerto Rico.
The business of the reinsurance and large risks units, integrated within MAPFRE RE, saw growth of 11.7% in the first nine months of the year, to €4.7 billion.
Despite the high impact of different cat events, including €92 million-rated Storm Bernd in Europe, earnings from this business were €95 million, compared to losses of €20 million in the same period of the previous year.
The combined ratio of the segment also improved by 4.4 percentage points to 98.5%.
Overall group revenues reached almost €19.8 billion, or 3.8% increase, while premiums grew 7% in euros.
At the end of September, the group’s combined ratio had risen 1.3 points, standing at 96.5%, affected by an increase in claim activity.