April 16, 2021

Mapfre closed 2018 with a profit of 528.9 million euros, 24.5% less

Mapfre closed 2018 with a profit of 528.9 million euros, 24.5% less


MadridUpdated:

Mapfre obtained a net profit of 528.9 million euros in 2018, 24.5% lower achieved a year earlier due to lower income, the impact of currencies and the decision of the entity to strengthen its balance, among other reasons.

On the other hand, the insurer has closed 2018 con an income of 26,590 million euros, 5% less, while the premiums stood at 22,537 million euros, 4% less, also influenced by the effect of the depreciation of currencies.

The insurer has explained in a statement sent to the CNMV on Thursday that the drop in financial income it has been due to low interest rates, the depreciation of currencies (which have subtracted 17 million euros from the result), the cost of hurricanes and winter storms (with an impact on the reinsurance business of 97 million) and the restate the accounts of the subsidiaries in Argentina by hyperinflation (with an impact of 18 million).

The insurer has added that also has allocated 173 million euros to strengthen the balance and to solve the partial deterioration of the goodwill of certain insurance operations carried out in the USA, Italy and Indonesia, in order to "maintain profitability for shareholders" and "continue to grow profitably".

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