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Mapfre’s net profit fall 14% in 2020 as pandemic hits business

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Spanish insurer Mapfre said on Thursday its net profit fell 14% in 2020 as consumers took out fewer insurance contracts as a result of the business restrictions imposed to curb the pandemic.

Mapfre’s net profit fell to 527 million euros ($639 million) last year from 609 million euros a year earlier as overall premiums fell 11% to 20.5 billion euros.

Analysts had expected an average 612 million euros, according to a poll carried out by Refinitiv.

The Spanish insurer said the pandemic hit its car insurance, life and savings as well as travel insurance hardest, although demand for health insurance increased.

($1 = 0.8245 euros) 

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