The combined ratio also improved notably, reaching 93.8% with a decrease of 4.9 percentage points, attributed to tariff recovery, especially in catastrophic coverages.
The company stated that there were no significant Catastrophic claims in Q1, unlike the same quarter last year, which saw a major earthquake in Turkey. Additionally, the reinsurance division’s net income reached €67.3 million, marking an increase of 101.4%.
MAPFRE’s parent company also experienced growth, with premiums rising by 4.6% to exceed €8.1 billion and revenue reaching almost €9.4 billion. This progress was driven by strong growth in General Property & Casualty, Life Protection, and reinsurance business lines.
The company’s net income stood at €216 million, up almost 70%, thanks to significant improvements in Non-Life technical profitability and reduced combined ratios. The absence of significant catastrophic events and increased financial income also contributed to this positive outcome.
MAPFRE emphasised the strong performance of its Latin American operations, which remain a key driver of growth and earnings, with premiums increasing by 9.1% to surpass €2.5 billion and net income reaching €94 million.
“The positive results of the first quarter, with an ROE of over 10%, are proof of the strength of our business model and the first results from the new Strategic Plan. Our geographic diversification continues to contribute solid, profitable growth” said Antonio Huertas, Chairman and CEO of MAPFRE.
In North America, MAPFRE also reported substantial progress in the first quarter, with premiums reaching €631 million, an 8% increase. The U.S. contributed nearly €555 million of this total, a 5.5% rise. The region also reported a net income of €15.5 million, a significant turnaround from a loss of €9.3 million in the same quarter last year.
