Spain and Brazil delivered strong premium growth for Madrid-based insurer Mapfre in the first quarter, helping net profit rise 7.5% to €206.2 million ($299.4 million).

Total non-life gross written and accepted premium grew 3.8% to €5.22 billion ($7.58 billion), while life business premium increased 33.8% to €1.46 billion ($2.19 billion).

Premium in Spain grew 10.9% to €2.35 billion ($3.41 billion), with the company reporting an “outstanding performance” from the motor business.

Brazil region premium jumped 34.2% after the local currency appreciated against the euro.

The reinsurance unit increased premium volume by 6.7%, while its combined operating ratio improved 1.6 percentage points to 91.4%.