Spanish reinsurer Mapfre has released its H1 2021 results, showing its combined ratio rose by 3.2 points to 98.3 %, compared to 95.1% from the year prior.
Speaking in a results webcast today, Fernando Mata, MAPFRE’s CFO, said: “The objective of the combined ratio in a range of 94-95% appears demanding in the current environment and could be subject to revision in coming quarters depending on the evolution of inflation.”
Total revenues at the company grew by 5.1 percent to 14.8 billion euros in June.
The group’s premiums grew by 8.5 % in the first six months of the year, reaching €10.54 billion.
The company’s earnings have fallen by 7.3% to 338 million euros in the first six months of the year.
Spain remains the group’s primary market, with earnings of €206 million, though premium growth is stagnant there at 0.4%. In Brazil, however, premiums increased 40.4%, bringing in €36.3 million.
Every Latin American region except the north closed the first six months with a positive result.
Mata continued: “The financial strength of the balance sheet is very robust. Our reserves remain above 7,600 million euros despite the great volatility experienced in the markets”
“We are focused on the development of the Strategic Plan, with a well-diversified business model that continues to demonstrate its robustness and its ability to adapt to changing environments.”
