Spanish re/insurer MAPFRE has reported a revenue of €19.1 billion euros for the first nine months of the year, an 11.9% decrease compared to the same period in 2019.
Premiums also dropped 11.9% to €15.6 billion.
Earnings came in at €450 million, a 2.7% drop compared to the first nine months of 2019.
The insurance unit saw earnings rising by 7.5%, with Spain still contributing the most to the group’s results.
The unit’s premiums amounted to €12.7 billion, 15% lower than the corresponding figure for the previous year.
The group’s combined ratio at the close of September stood at 95.2%, 1.1 percentage points better than the prior year period.
There was a reduction in loss experience, particularly in the Automobile business, in Spain, the United States and Turkey, although claims rose in other lines such as business multi-risk and burials in Spain.
The group’s investments at the close of September this year amounted to €51.6 billion, 3.6% lower than in December of last year.
Of these investments, 56% pertains to sovereign fixed income, while 18.5% is in corporate fixed income and 5% is in equities.
MAPFRE RE’s premiums for the first nine months of this year stood at €4.2 billion, a 3% increase, with a negative result of €20 million, mainly due to the influx of claims associated with COVID-19.
The reinsurance business closed the first nine months of the year with premiums of €3.2 billion, down 3%, and a negative result of €26 million.
This was due to an increase in catastrophe frequency, the most salient of which were claims resulting from COVID-19 and the earthquakes in Puerto Rico.
Conversely, Global Risks premiums increased by 30% to just over €1 billion, with a positive result of €6 million.