MAPFRE PROFITS FALL ON BREXIT WRITEDOWN

Fears about an economic slowdown caused by Brexit pushed Mapfre to announce a €48m ($53.5m) writedown in the value of its Asistencia subsidiary in the UK. This pushed the group’s earnings to €463m for the nine months to September 30, a 12.5% decline year-on-year. Mapfre also announced a €17m write¬down from the goodwill of its US and Canadian subsidiaries, while the group provisioned a further €11m for the restructuring of Mapfre Asistencia in several countries with unprofitable operations. Excluding the writedowns, Mapfre’s profits would have grown 2%.