Mapfre reported declining revenues (-4.5% yoy tp €7.33bn) and weaker net earnings (-32% yoy to €127m). This decline was not caused by COVID-19 but by nat cat events. Excluding these, the net earnings stood at €190m, up 3% yoy. The insurer expects to see the consequence of the pandemic in Q2. The market’s volatility should also impact investment income. The capital position at March 2020 was not revealed, but Mapfre said that it was solid enough.
05 May 2020
Nat cat claims begin the year, now awaiting COVID-19 ones
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Nat cat claims begin the year, now awaiting COVID-19 ones
Mapfre SA (MAP:WBO) | 0 0 1.3% | Mkt Cap: 8,463m
- Published:
05 May 2020 -
Author:
Bassem Neifer -
Pages:
3
Mapfre reported declining revenues (-4.5% yoy tp €7.33bn) and weaker net earnings (-32% yoy to €127m). This decline was not caused by COVID-19 but by nat cat events. Excluding these, the net earnings stood at €190m, up 3% yoy. The insurer expects to see the consequence of the pandemic in Q2. The market’s volatility should also impact investment income. The capital position at March 2020 was not revealed, but Mapfre said that it was solid enough.