The latest earnings results from MAPFRE for the opening nine months of 2022 are pretty impressive, especially on the insurance side of things. Insurance Unit premiums at the end of the first nine months of 2022 amounted to 15.62 billion euros, a 13.9% increase compared to the same period of the previous year, says the company.
In the home market, the picture was mixed. Interestingly the Life business sector fell by 6%, while Motor saw generally stable revenues and Property rose by 4.6%.
In Brazil premium revenue rose by a superstar 43%. “This strong growth was driven by the improvement of the business and the revaluation of the Brazilian real (+18%),” says MAPFRE. Again, Property was the stand out sector.
Here the Motor sector saw a 16% increase in premium revenue, Property did well at 15% too. However the loss ratio in the US car insurance market meant that earnings were down by a substantial 85%.
MAPFRE also noted that its exit from the Travel Assistance sector continues, although the Assistance Unit still generated 323 million euros for the balance sheet.
Read the results in depth here by the way.