Mapfre registers €790.5m profit
Mapfre registered an increase in profit of 18.7 per cent to €790.5 million thanks to the geographical diversification of the business which underpins the company’s solidity.
Middlesea Insurance represents Mapfre in Malta.
During 2013, revenues exceeded €25.9 billion, a rise of 2.3 per cent on 2012, boosted by the international division with premiums growing 1.2 per cent to €21.8 billion. Shareholders’ equity stood at €7.8 billion, an increase of 0.3 per cent, and total managed assets amounted to €66 billion, representing a 2.2 per cent rise over 2012. The year was characterised by the appreciation of the euro against all other currencies. On a constant currency basis, premiums and earnings would have grown by 8.1 per cent and 26.3 per cent respectively.
Mapfre Chairman and CEO, Antonio Huertas, described the results as “very positive results, given the current domestic and international environments in which they have been achieved, and reflect not only MAFPRE’s strength, but more importantly the Group’s capacity to adapt accordingly in all the markets in which it operates.” He added that “MAPFRE is currently in the best position to lead the economic recovery”.
The International Insurance Division, which in 2013 encompassed insurance activities outside Spain and now represents 48.5 per cent of the Group’s total premiums, recorded revenues of €11.4 billion, a 5.4 per cent increase. In Latin America, the Group generated premium volume of€8.9 billion, a 2.7 per cent increase. Brazil, which accounts for 56.7 per cent of MAPFRE’s business in Latin America, saw premium income rise by 20.4 per cent in local currency terms, to €5 billion.
In all other countries where the Group is active in insurance, the USA, the Philippines, Malta, Puerto Rico and Turkey, premiums for 2013 totalled €2.5 billion, 15.9 per cent more than in the previous year.