Spanish insurance giant Mapfre has reported net profit of €591 million ($898.39 million) for the first nine months of the year, down 12.1% on the corresponding period last year.

The fall was driven by increasing claims due to US snowstorms early in the year, plus higher tax rates in some countries.

Gross written premium (GWP) increased 5.4% to €17.34 billion ($26.36 billion), with the combined operating ratio improving 40 basis points to 98.7%.

Asia-Pacific premium represents just 0.5% of total GWP, but it increased almost 30% to €87.6 million ($133.16 million).

As previously reported in insuranceNEWS.com.au, Mapfre has been building its presence in Australia through a number of partnerships.