MAPFRE is reporting earnings of €155m in Q1 2022, with premiums growing by over 10%.
The firm said that it had revenues in the first quarter of the year totalling €7.56bn. It also said that its premiums, at €6.54bn, were at their highest volumes in five years. There was, MAPRFRE reported, significant increases in all key segments and operations.
MAPFRE said in a statement: “Premium volume marks an important turning point in the company’s return to the path of growth: reaching its highest level in the last five years and reversing the downward trend observed in 2020 and 2021, when it was impacted by the COVID-19 crisis. The Group’s revenue for January to March 2022 amounted to €7.57bn, up 3.6% compared to the first quarter of the previous fiscal year. Most countries delivered solid growth, in both euros and local currency, due to the positive performance of nearly all currencies.”
A key development for MAPFRE in the last quarter has been the decline in claims related to Covid-19. This was, says the firm, due to increased vaccination rates.
However, it added: “Although they are declining, these pandemic-related claims still amount to nearly €46m. The majority of this amount, which has fallen 58% compared to the first quarter of 2021, is concentrated in LATAM, and accounts for nearly €32m of the total.”
It was due to the reduction in claims related to Covid-19, said MAPFRE, that it saw life earnings double those reported in the same period last year.
MAPFRE said that much of the success of Q1 2022 was driven by the Iberian region.
It said: “In the Iberia Regional Area (Spain and Portugal), premiums increased by 2.3% to €2.54bn. Earnings for this regional area stood at €102m, a 5.6% decrease compared to the same period last year, due to the exit from Bankia Vida. Excluding this effect, the regional area’s net earnings would have grown by 5.5%.”
On the reinsurance side, MAPFRE RE saw its premiums grow by 17.4% to €1.86bn, with attributable earnings of €37m. This reportedly represents a 12.5% increase on the same period in the previous year, despite the droughts in Brazil and Paraguay.