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Mapfre Q1 profits climb 13.5%

mapfre
    • Leigh Jackson

    • Indicative reading time: 1 minute

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Spanish insurer Mapfre has posted post-tax profits of €310.1m (£279.2m) for the first quarter of 2011 – a 13.5% increase on the figure for 2010.

The insurer, which attributed the result to a "sustained growth" in international business, also reported €5.1bn GWP (2010: €4.9bn) and dividends of 10.3c per share (2010: 9.3c).

The direct insurance international division posted a 16.9% increase in GWP from €1.6bn to €1.9bn, while the global business reported a GWP of €1.1bn (2010: €975.8m). GWP for the Spanish direct arm of the insurer decreased 6.1% to €2.5bn (2010: €2.6bn).

Meanwhile, the direct international unit profit surged 155.4% to €252.9 (€99m), while the Spanish direct arm and the global business gained profits of €308.7m (€329.6m) and €27.7m (€32.2m) respectively, both seeing profit decreases compared to Q1 2010.

As part of the results, Mapfre revealed that the impact of the earthquakes in Japan and New Zealand were likely to cost the company €64.1m.

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