Despite improved revenues (up 6.8% at current FX) to €15,051m, coming from both Life and Non-Life business, Mapfre was unable to increase its net profit (-2.9% to €374m). The pressure on profitability came from the Life business (-37.8% in insurance result to €252m). The Brazilian and LatAm South operations were behind this drop. The Non-Life business was more resilient, and the combined ratio was in line with the fixed target (<96%). We will revise down our estimates.
25 Jul 2019
Lower than expected
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Lower than expected
Mapfre SA (MAP:WBO) | 0 0 1.3% | Mkt Cap: 8,463m
- Published:
25 Jul 2019 -
Author:
Bassem Neifer -
Pages:
2
Despite improved revenues (up 6.8% at current FX) to €15,051m, coming from both Life and Non-Life business, Mapfre was unable to increase its net profit (-2.9% to €374m). The pressure on profitability came from the Life business (-37.8% in insurance result to €252m). The Brazilian and LatAm South operations were behind this drop. The Non-Life business was more resilient, and the combined ratio was in line with the fixed target (<96%). We will revise down our estimates.