Mapfre recorded a strong decline in revenues (-11.8% yoy to €13,277m), driven by COVID-19 that has affected the Life Savings’ sales, currency depreciations (BRL and TRY) and the drop in financial income from investments (-24.9% to €1,226m). The decrease in the net result (-27.7% to c. €271m) came from Mapfre Re while the Insurance units performed well. The group has updated its IBNR reserves to cover the delays in reporting claims. The Board will assess future dividends i
27 Jul 2020
The hefty bill of Mapfre Re
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The hefty bill of Mapfre Re
Mapfre SA (MAP:WBO) | 0 0 1.3% | Mkt Cap: 8,463m
- Published:
27 Jul 2020 -
Author:
Bassem Neifer -
Pages:
3
Mapfre recorded a strong decline in revenues (-11.8% yoy to €13,277m), driven by COVID-19 that has affected the Life Savings’ sales, currency depreciations (BRL and TRY) and the drop in financial income from investments (-24.9% to €1,226m). The decrease in the net result (-27.7% to c. €271m) came from Mapfre Re while the Insurance units performed well. The group has updated its IBNR reserves to cover the delays in reporting claims. The Board will assess future dividends i