MAPFRE’s Global Risks and reinsurance businesses were one of the highlights of the presentation of the Group’s results for the first quarter of the year. MAPFRE RE posted net attributable earnings of 32 million euros, compared to a loss of 29 million euros in the same period of the previous year, when it had to deal with catastrophic events such as the earthquakes in Puerto Rico in January 2020.
MAPFRE RE’s premiums, which include the Reinsurance and Major Risks businesses, increased by 12 percent in the first quarter to 1.59 billion euros. Equally significant has been the improvement in the combined ratio of more than 14 percentage points to 95.1 percent.
Catastrophic loss experiences recorded up until March 2021 stood at the upper end of the historical average, with the snow storm Filomena recording a net amount of 11.6 million euros, while the direct loss experience incurred as a result of COVID-19 up until March 2021 amounted to 4 million euros.
The boost to profitability of a strategic MAPFRE business such as reinsurance is bolstered by improved reinsurance rates and conditions following several years of worsening margins in the sector.