MAPFRE RE Sees Strong Performance with 9.3% Net Result Growth

October 30, 2024

MAPFRE RE, the reinsurance arm of the Madrid-based insurer MAPFRE, reported robust financial performance for the first nine months of 2024, marking a notable milestone for the company. Premiums reached nearly €6.3 billion, indicating a 3.5% increase over the previous year. This figure includes €4.8 billion from reinsurance and over €1.4 billion from global risks. The net result for this period was €207 million, showing an impressive 9.3% year-on-year growth. Despite facing significant storms in Europe during the third quarter of 2024, no major catastrophic events were recorded, which helped stabilize the combined ratio at 95.5%, a slight rise from the year before.

Steady Management Amid Challenges

MAPFRE RE showcased its ability to maintain prudent reserve levels, especially in light of secondary perils and recurring catastrophic events. However, the financial results were mixed, experiencing a net financial loss of €0.5 million compared to an €8.4 million gain in 2023. On a broader scale, MAPFRE’s overall net result during the same period was $744 million. This reflects an impressive 36% increase, driven primarily by improved technical management across all regions and business units. Premiums saw a 4.6% growth, reaching over €21.6 billion. Notable contributions came from IBERIA (€7.2 billion), LATAM (€7.7 billion), and North America (€2.1 billion), with Spain alone contributing over €6.8 billion in premiums.

Strategic Decisions and Future Outlook

MAPFRE RE, the reinsurance division of Madrid-based insurer MAPFRE, reported exceptional financial results for the first nine months of 2024, marking a significant achievement for the company. Premiums totaled nearly €6.3 billion, signifying a 3.5% increase from the prior year. This includes €4.8 billion generated from reinsurance and over €1.4 billion from global risks. The company’s net profit for this period was €207 million, exhibiting an impressive 9.3% year-over-year growth. Despite encountering significant storms in Europe during the third quarter of 2024, no major catastrophic events occurred, contributing to the stabilization of the combined ratio at 95.5%. This ratio represents a slight increase from the previous year but remains within manageable limits. As MAPFRE RE continues to expand its reach and enhance its services, these financial metrics reflect the company’s resilience and strategic growth, paving the way for continued success in the competitive reinsurance marketplace.

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