MAPFRE generated revenues of €19.79 billion in the first nine months of the year, up 1.6% compared to the previous year, and increased its premium volume by 1.8%, to €16.86 billion.
These results have been driven by significant business growth in Brazil and other Latin American countries, by the continued recovery in Spain and the solid development of the Reinsurance and Assistance businesses, with the combined ratio being maintained at excellent levels, (95.8%). At constant exchange rates, premiums would have grown 8.3%.
Non-life premiums at the end of September totaled €12.55 billion (up 1%), and Life premiums grew by 4.4% to €4.30 billion. Managed savings were up 13.6 %, to €37.73 billion. Profit before taxes and minority interests amounted to €1.45 billion, up 13%.
“These results confirm the sustained development of MAPFRE’s global business, particularly in strategic markets. In Spain, where signs of economic recovery are increasingly visible, the success of our strategic approach is also clear to see”, stated Antonio Huertas, MAPFRE’s Chairman and CEO.
Shareholders’ equity has grown by 14.5% since 2013 year-end, reaching €8,97 billion, and total managed assets stood at €73.97 billion, an increase of 9.8% over the last twelve months.
Premiums from the EMEA Regional Area grew by 1.3%, to €918 million. The business in Turkey outperformed the market, reporting premiums of €416 million, which represents a rise of over 10 percent in local currency terms. In Malta, premiums exceeded €124 million, a 21.8% increase from January to September.
In September, MAPFRE announced the acquisition of Direct Line Group’s Motor businesses in Italy and Germany for €550 million. This transaction reflects MAPFRE’s firm commitment to online direct insurance, doubling its presence in Europe. In Italy, Direct Line leads the direct motor insurance segment, and in Germany it ranks third. In 2013, these companies, which together have 1.6 million clients, reported premium revenues of €714 million.
MAPFRE’s Board of Directors has approved significant changes in its management structure in order to propel forward the company’s key strategic projects, which will allow the Group to take a further step in the creation of a new structure aligned with its global scale.
MAPFRE is represented in Malta by Middlesea Insurance p.l.c which is a member of the MAPFRE Group.