Spanish insurer Mapfre has reported a web earnings of €471m ($497.42m) for the primary 9 months of 2023, a rise of three.6% in contrast with €488m a 12 months in the past.
The dip was attributable to a writedown of €75m by the insurer for its enterprise within the US as larger rates of interest and surging inflation impacted its auto insurance coverage enterprise.
Excluding the writedown, Mapfre’s web earnings for the interval stood at €546m, a rise of 11.7% versus a 12 months in the past.
For the 9 months ending 30 September 2023, the corporate’s complete premiums, together with non-life and life, elevated by 11% to €20.68bn from €18.64bn a 12 months earlier.
Mapfre stated its outcomes additionally benefitted from a €46.5m “optimistic web impression” pertaining to arbitration over the alliance termination with Spanish financial institution Bankia, which was taken over by CaixaBank.
Income for the primary 9 months of 2023 was €22.20bn, down by 10.8% from €24.59bn in the identical interval a 12 months in the past.
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In a press assertion, the corporate stated: “The ten.8% enhance in income consolidated the tendencies from current quarters and displays each a related enhance in enterprise quantity, in addition to an enchancment in monetary earnings.”
Mapfre chairman and CEO Antonio Huertas stated: “Our enterprise continues to indicate robustness, each in income and premium progress, in addition to within the consequence, primarily based on a excessive degree of diversification and skill to adapt to the context.
“Mapfre is overcoming the difficulties introduced by inflation, due to steady enchancment primarily based on our technical administration.”
Mapfre’s premiums, which embody the reinsurance and world dangers enterprise, improved by 9.3% to almost €6.1bn.
The corporate stated the numerous enhance within the mixed ratio is supported by ample pricing within the reinsurance market.
The corporate additionally introduced plans to supply an interim dividend of €0.06 per share for 2023.