Improved business in Spain, LATAM South and North America, in addition to an upturn in its reinsurance segment has helped MAPFRE secure €109 million in attributable earnings during the first quarter of 2021.
MAPFRE considers this 36.7% growth particularly significant following the €109 million cost of COVID-related claims shouldered during the quarter.
These COVID-19 claims included more than €34 million in Health and €48 million in Life- Protection, almost completely concentrated in Latin America.
The group’s total revenue between January and March fell 0.4% to €7.3 billion, while premiums amounted to €5.9 billion, 3.3% less than the same period in the previous year. However, at constant exchange rates, premiums would have risen by 3.2%.
The combined ratio improved by almost 6 percentage points compared to the same quarter in the previous year, to stand at 94.3%, with a notable reduction in the Automobile line and a lack of significant catastrophic claims.
In MAPFRE RE, which includes the reinsurance and major risks businesses, premiums increased by 12.2% in the first quarter of the year to just under €1.59 billion, with earnings of more than €32 million, and the combined ratio improved by more than 14 percentage points, taking it to 95.1%.
The reinsurance business closed the first quarter of the year with premium volume of €1.21 billion, up 14%, due to improved conditions in some lines, and earnings of €25 million, compared with losses of €22 million in March 2020.
In addition, premiums in the Global Risks business rose 6.8% to €373 million, while its profit figure was €8 million, compared to a negative result of €8 million in the first quarter of the previous year.
