Mapfre generates €702m operating in 2018, Malta outperforms peers

Mapfre generated an operating result of €702m in 2018, 0.3% over the previous year, according to a press statement the insurer’s group published. Net earnings dropped by year-on-year 24.5% to €529m. Malta performed the best in its region.

At the end of last year, the company says to have strengthened its balance sheet by allocating €173, to a “partial impairment of goodwill for operations” in the United States, Italy and Indonesia. After allowing for this allocation, net earnings for the year were €529m, 24.5% lower as compared to 2017.

Premiums for the EURASIA Regional Area (grouping operations in Europe with the exception of Spain and Portugal, the Middle East, Africa and Asia) dropped by year-on-year 5.6% to €1.77bn, the figures published in the press statement show.

Malta contributed €390m, representing the highest growth in this region, with an increase of 11%, the press statement says.

Mapfre Middlesea Plc (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Mapfre MSV Life Plc is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MFSA regulates both entities.