LatAm turns out to be mixed Q3 bag for Mapfre

Spanish insurer Mapfre reported strong third quarter business growth at its Latin American operations and significant losses from Caribbean hurricanes and Mexico's recent earthquakes.

The firm reported 3.42bn euros (US$3.99bn) in Latin American premiums for July-September, up 14% from a year before.

Mapfre cited "significant growth in non-life" premiums, including a 9.6% increase in Brazil and 64% increase in northern Latin America - which includes the renewal of Mexican state oil firm Pemex's multi-year policy.

It also pointed to "positive contributions" in performance by its life business in Mexico, Colombia and Peru.

Group-wide, Mapfre saw third quarter premiums expand 5.1% to 18.0bn euros.

Mapfre's nine-month results were hard hit by a high level of impacts from natural disasters.

Group-wide net income declined 22.3% to 445mn euros while its ROE fell 1.6 percentage points to 7.2%.

"Insured global catastrophe losses in 2017 have been among the largest ever," said Mapfre in its results report. The group offered a best-guess estimate of 176mn euros in losses associated with the Mexico quakes and hurricanes Harvey, Irma and Maria. More broadly, the firm said those net losses should fall between 150mn and 200mn euros, affecting Mapfre Re, Mapfre Global Risks, as well as the insurance units in Puerto Rico, the US, Mexico and the Dominican Republic.