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Mapfre Re swings to net loss in Q2 as Covid inflates combined ratio

Mapfre Re made a EUR22.3mn ($25.8mn) net loss in the second quarter as a steep rise in claims pushed the company to an underwriting deficit. 

The parent company had in March trimmed its three-year targets after reinsurance losses emanating from typhoons Faxai and Hagibis and the Chilean riots. For the first quarter, the reinsurance unit had posted a EUR29.4mn loss. 

Earnings: The EUR22.3mn first-quarter net loss compares with a EUR33.4mn profit a year earlier. 

Covid and other large claims: Mapfre said Covid-19 claims totalled almost EUR87mn gross within the reinsurance unit in the first half as a whole, with another EUR83mn from the Puerto Rico earthquake and EUR22mn from Storm Gloria in Spain.  

Mapfre Re underwriting:  The second-quarter combined ratio rose 7.8 points to 104.4% as an improvement in the expense ratio was eclipsed by a 10.3-point increase in the loss ratio. 

Mapfre Re GWP: Top-line premiums from the non-life side of the reinsurance unit rose 21% to EUR1.38bn. 

Group:  At group level Mapfre’s net profit slipped 23% to EUR143.9mn, though it achieved an overall underwriting profit, with a combined ratio of 93.1%, as its insurance businesses – most notably in Brazil and in Latin America North – posted profit growth. 

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