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Spanish insurer Mapfre SA’s net profit declined by 16% year-over-year to €642.1 million ($688.8 million) in 2022, hit by increasing global inflation and multiple natural disaster events in Paraguay, Brazil and Puerto Rico, Reuters reported. Mapfre reported a 10.8% year-on-year increase premium volume to €24.54 billion. The insurer now expects an average non-life combined ratio of about 96% in 2023 and 2024.