Spanish insurer Mapfre has reported first-quarter net income of €191.7 million ($294.43 million), down 4.8% on the corresponding period last year.

Gross written premium was flat at €6.11 billion ($9.38 billion), and total revenue dropped 3.4% to €7.26 billion ($11.15 billion).

Premiums in the Asia-Pacific region were up 12.6% to almost €36 million ($55.29 million), contributing 0.5% of the group’s total.

The combined operating ratio improved slightly to 96.8%.