Mapfre 9-mth net profit falls 5.2 pct

 

Spain's top insurance company Mapfre posted a 5.2 percent drop in nine-month net profit to 704.5 million euros on Wednesday, partly due to a lack of one-time gains compared with a year ago.

weak performance from Banco de Servicios Financieros, a banking venture which it manages jointly with Spanish savings bank Caja Madrid, also weighed on the bottom line, Mapfre said in a statement.

Net profit from its insurance activities rose 8.3 percent in the nine-month period, driven by a strong franchise in Latin America, while premium revenue grew 8.2 percent to 12.87 billion euros.

Total revenue rose 9.2 percent to 15.67 billion euros, on track for the group's year-end target for over 20 billion euros.