Posted By Global Banking and Finance Review
Posted on February 12, 2025
(Reuters) -Spain's insurer Mapfre said on Wednesday that its net profit rose slightly more than 30% in 2024 thanks to its non-life business despite the cost of weather-linked disasters in Europe and Brazil.
The company's net profit soared to 902 million euros ($934.56 million), up from 692 million euros recorded a year earlier. Analysts expected a net profit of 875 million euros, according to LSEG.
The insurer managed to raise its profits despite the cost of deadly floods in Valencia, Spain, in late October, which had a negative impact of 34 million euros on its bottom line. Devastating floods in Rio Grande do Sul region in Brazil and storms in Europe meant another combined 82 million euro cost to Mapfre.
The annual net profit also includes a 90 million euro writedown on the value of Verti, its auto insurance unit in Germany, booked in the third quarter.
($1 = 0.9652 euros)
(Reporting by Marta Serafinko and Natalia Siniawski in Gdansk, editing by Inti Landauro)