Spanish insurer Mapfre’s 2022 net profit dragged down by inflation and disasters

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Spanish Mapfre said on Thursday its net profit in 2022 net profit fell 16% mostly because of high global inflation, as well as severe natural disasters in Puerto Rico, Brazil and Paraguay.

The insurer company’s net profit stood at 642.1 million euros ($688.84 million), down from 765.2 million euros posted in 2021.

Mapfre said the drought in the Parana river basin, that affected its units both in Brazil and Paraguay, had an negative impact of about 113 million euros, while Hurricane Fiona in Puerto Rico subtracted a further 31 million euros to its bottom line.

Skyrocketing inflation in Turkey and Argentina cost Mapfre a further 41 million euros.

The company reiterated its targets for the 2022-2024 period.

($1 = 0.9321 euros)

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