STRONG REINSURANCE SUPPORTS MAPFRE GROWTH

Mapfre has posted net earnings of €524m ($610.4m) for the nine months of this year, a 16.4% rise over the previous year. The Spanish insurer recorded €19.8bn in revenues at a group level, a 3.8% increase compared with the first nine months of 2020. The carrier’s business in Spain performed the best, with premium growth of 7.6% in this period. Mapfre’s earnings were also boosted by the performance of Mapfre Re – its reinsurance and global risks division – which contributed €95.4m to the group’s earnings. The profitability of this division was aided by rate rises and a solid underwriting and investment approach, Mapfre said.