MADRID May 5 Spanish insurer Mapfre on
Monday posted a first quarter net profit of 219 million euros
($304 million), down 17 percent on a year ago when it was
boosted by one-off gains.
The company said insurance premium income had grown 1
percent in the period to 5.96 billion euros. Depreciating Latin
American currencies hit earnings when converted into euros,
Mapfre said, adding premium income would have grown 10 percent
without this effect.
Mapfre said it was seeing signs of improvement in its
Spanish division, which makes up 43 percent of its profit, as as
economic recovery gathered pace. Premium income there grew 7.2
percent to 2.6 billion euros.
($1 = 0.7212 euros)
(Reporting by Sarah White, Editing by Paul Day)