UPDATE 1-Spain's Mapfre profit jumps on strong performance worldwide
Dow Jones Industrial Average DJI | 46504.67 | -0.13% |
S&P 500 index SPX | 6582.69 | +0.11% |
NASDAQ IXIC | 21879.18 | +0.18% |
Adds details on segments, business lines and dividend from paragraph 3
By Mireia Merino
Oct 31 (Reuters) - Spanish insurer Mapfre MAP.MC reported on Friday a 26.8% rise in nine-month net profit to 829 million euros ($967 million), boosted by a strong performance across its operations globally and an improved combined ratio.
The company attributed its growth to profitability across all regions and business lines, with premiums increasing 3.5% to 22.4 billion euros.
The group's non-life combined ratio - the industry's key profitability measure - improved by 2.2 percentage points to 92.6% - a favourable shift reflecting tariff adjustments and technical measures.
The increase came despite one-time costs of 79 million euros tied to a write down in Mexico and the cancellation of deferred tax assets in Italy and Germany.
The Iberia region led the insurer's profit, driven by strong motor and health insurance performance, which offset currency depreciation and high interest rates in Brazil.
In Spain and Portugal, Mapfre posted a net profit of 347 million euros, up 22.5% from 283 million euros a year ago.
Car insurance contributed 96 million euros in profit, from 89 million euros in the first half, when it switched to profit from losses after dragging the company down in the previous years.
Mapfre also said it would pay a dividend of 0.070 euro per share, slightly higher than the dividend paid a year earlier.
($1 = 0.8575 euros)
(Reporting by Mireia Merino in Gdansk; Editing by Matt Scuffham)
((Mireia.Merino@thomsonreuters.com))
