Renta 4 | The company has published an advance of premiums issued in the first quarter of the year, ahead of the release of the quarterly results on April 28th.
Insurance premiums grew 12.1% year-on-year in Q1’22, while total group premiums were up 10.9% at 6.537 billion euros (vs 8% yr-on-yr in 2021, +3.5% vs R4e).
By geographical areas, in Iberia premiums rose 2.3% year-on-year in Q1’22, to a total of 5.541,8 billion euros, 1% below our estimates. The appreciation of the Brazilian real over the quarter partly explains the growth in premiums in Brazil (+35.3% year-on-year and +18% without the currency effect, +14% vs R4e). This double-digit growth can also be seen in North LatAm (+26.8% year-on-year, +2% vs R4e), South LatAm (+26.1% year-on-year, +21% vs R4e) or North America (+18.8% year-on-year, +6% vs R4e). In Mapre RE, the growth in premiums of 17.4% year-on-year (+23% vs R4e) is supported by both its re-insurance and Global Risk business (+12% and +34.7% year-on-year respectively).
Valuation: The figures reflect a continued solid operating performance. OVERWEIGHT, T.P. 1,93 euros/share.
