...PARIS (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings said today that Mapfre Group's steady third-quarter performance underscore resilient earnings generation thanks to the diversity of its operations. The group reported positive results from Iberia, Brazil, and its reinsurance operations that offset losses in North America and EMEA. Mapfre Group remains on track to meet our expectation of posting above 1 billion of net income (before minorities) for 2023. The group reported an overall improved non-life combined (expense and loss) ratio of 96.8% for the first nine months of 2023 (versus 98.4% for the same period in 2022). The ratio is supported by improvements in Brazil (78.0% versus 90.0%) and the reinsurance business (95.0% versus 97.5%). Considering a 10.9% increase in total premiums to 20.7 billion in the same period, we expect premium growth to exceed our expectations at year-end. However, the motor business is growing by 3.9% only, showing difficulties to adjust premiums to...
