Mapfre Grew by 1.4% in Colombia in the First Quarter of 2024

Insurance giant Mapfre grew by 1.4% in the Colombia in the first quarter of 2024, driven largely by performance in the automotive and individual life insurance lines, which jumped by 15.5% and 43%, respectively, over the same period in 2023.

Photo: Mapfre’s office in Barcelona. (Credit: Bengt Nyman)

This beat overall growth in net attributable profit for the Spanish insurer across its operations in the Latin American region, which saw an uptick of 0.7% in the quarter versus the first three months of 2023.

With total premiums of around €2,500 million in Latin America, the region accounts for more than a third of Mapfre’s total premiums.

“The good indicators of the first quarter, with an ROE of more than 10%, reflect the strength of our business model and are the first results of the new strategic plan,” said Antonio Huertas, chairman and CEO of Mapfre, in a statement released with the results. “Our geographic diversification continues to provide solid and profitable growth.”

Mapfre Q1 2024 Performance in Latin America

In addition to the overall results, Mapfre also released the following information about its first quarter performance in Latin America.

• Premiums grew by 8%, while net income stood at €33.5 million, with significant contributions from Mexico and Peru. Issuance in local currency grew with the evolution in Chile (13%), the Dominican Republic (12%), and Peru (12%).
• The combined ratio improved to 99.9% (-0.3 p.p.), with a positive performance in general and motor insurance, offsetting health and accident performance.
• The life business continues to contribute very positively and financial income continues its upward trend.
• In Mexico, premiums amounted to €368 million (+10.5%), also supported by the appreciation of the peso (+8%). Both the Automobile and Life branches have experienced strong business growth. The combined ratio stood at 96.9% and net profit amounted to €12.3 million.
• In Peru, premiums reached €203 million, up 12.1%, while net income stood at €12.3 million.
• Adjustments for hyperinflation, mainly from Argentina, have had a negative impact on the result of €17.9 million (€8.6 million in 2023).