Spanish insurer Mapfre said on Thursday that losses from the June 24 earthquakes in Venezuela would be up to €25 million ($28.5 million), after its first-half net profit grew 9.4% despite storm-related claims in Spain and Portugal and negative currency effects in Turkey.

Growing profits and Mapfre’s $1.54 billion acquisition of U.S.-based Safety Insurance, also announced on Thursday, demonstrate a push for expansion even as it absorbs geopolitical and catastrophe-related headwinds.

• Storms in Portugal and Spain cost Mapfre about €50 million in Q1, which was absorbed without major difficulty, CFO Jose Luis Jimenez said
• Result in Turkey was hit by Q1 floods, €14 million hyperinflation adjustment and 12.4% lira depreciation
• Non-life combined ratio, a profitability measure where a lower figure indicates better performance, improved to 92.8% from 93.1%
• Mapfre is cautiously optimistic for the second half and on track to meet 2024-2026 goals
• Safety Insurance acquisition to boost net profit by 5% once fully integrated
• Jimenez said the deal would benefit Mapfre “from a strategic and a financial perspective” and add value from the start
• Shares down 5% by 1005 GMT, with analysts pointing to mixed results

($1 = €0.8787)

(Reporting by Marta Serafinko and Mireia Merino in Gdansk, editing by Milla Nissi-Prussak)

Related:

• World Bank Estimates Quakes Cost Venezuela $20 Billion in Damage

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