April 25 (Reuters) - Spanish insurer Mapfre said on Thursday its first quarter net profit soared almost 70% compared to the same period last year, thanks to an absence of significant catastrophes and higher profitability of its non-life insurance business.

Mapfre said that an improvement in Non-Life technical profitability and a 30.2% increase in financial income for the Non-Life business, bolstered by the stability of the Life Protection business in Spain, Portugal and Latin America, contributed to the surge of first-quarter income.

The lack of major catastrophe events, such as the 2023 earthquake in Turkey that had more than 99 million euro

negative impact

on the company's results, had a further positive effect on the results.

The company's net profit rose to 216.3 million euros ($231.46 million) in the first quarter, up from 127.6 million euros recorded a year earlier, while the group's premiums rose 4.6% to 8.14 billion euros.

The business in Latin America improved and the region continued to be the largest contributor to profit even though economies suffering from hyperinflation, mainly Argentina, cost the insurer 24.6 million euros.

In a separate statement, the company said its board approved a final gross dividend against 2023 fiscal year of 0.09 euros per share, to be paid on May 24.

($1 = 0.9331 euros) (Reporting by Marta Serafinko and Natalia Siniawski, editing by Inti Landauro)