Spanish (re)insurer Mapfre has reported revenue of EUR7.26bn ($8.77bn) in the first quarter, down 7 percent from EUR7.85bn in the first three months of 2017.

The carrier’s top line also waned, with the total written and accepted premiums standing at EUR6.2bn for the first quarter, down 7 percent from EUR6.67bn in the same period in 2017.

Mapfre attributed the downturn primarily to currency depreciation and underlying premium decreases in Brazil, United States, Turkey and Chile.

Mapfre Global Risks – the carrier’s specialty business – posted a 16 percent downturn in gross written premium (GWP) to EUR266mn for the quarter, down from EUR318.6mn in 2017.

But despite the reduction, the combined ratio swung back to black, improving substantially by 17.5 points to 92 percent – compared to 109.5 in the same three-month period in 2017.

At group level the combined ratio improved 1 point to 96.5 percent in the quarter.

In it’s reinsurance division – Mapfre Re – GWP was down 3 percent to EUR1.13bn, compared to the EUR1.17bn posted in the first quarter of 2017.

The combined ratio for the division remained flat at 91.1 percent in the first three months of 2018, compared to 91.4 percent in first three months of 2017.

“The first quarter was heavily influenced by the absence of extraordinary results, the depreciation of the main currencies - the US dollar, Brazilian real and Turkish lira - which in this period lost between 13 and 16 percent of their value, as well as low interest rates, which lead to a drop in financial income,” Mapfre said.