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MAPFRE registers €459 million Q1 pre-tax profits

Global insurance group MAPFRE registered significant increases in the first quarter of 2015 with revenues up by 8.9%, when compared to the same period in the previous year, reaching €7.515 billion. The gross written and accepted premiums increased by 2.6 percent, to €6.114 billion. The pre-tax profits increased by 4.7% to €459 million. MAPFRE is represented in Malta by local insurer, MAPFRE  Middlesea and its healthy performance in the life and savings area contributed to the Group’s 17.5% growth and the European and Mediterranean region.

The attributable results were €201.4 million down 8 percent from the previous year, due to a relatively greater profit share attributable to external partners in jointly operated businesses.

MAPFRE decided to apply the SIMADI exchange rate in its Venezuelan accounts from March 31, resulting in a decrease in shareholders' equity of €266 million. Despite this, in the first quarter of 2015, MAPFRE ’s shareholders’ equity rose by 14.6% to €9,338 million with total assets amounting to €70,651 million (an increase of 16.5%). Managed savings grew by 12.7% exceeding €40,119 million.

The combined ratio was affected by exceptional losses arising from the heavy snowstorms that hit the United States in February (which added 2.6 percentage points) and the increase in claim frequency in various markets, and stood at 98.8%. Excluding the United States effect, the combined ratio would have been 96.2 %.

MAPFRE also announced that it has reached an agreement with Catalunya Banc on the sale of its stake in jointly managed insurance subsidiaries, pending receipt of required regulatory approval, for more than €606 million.

MAPFRE ’s Insurance Unit generated premiums of €5,217 billion and net results of €157 million, while the Reinsurance Unit reported premiums of €934 million and its net results amounted to €49 million. The Global Risks Unit recorded premium volume of €236 million, with net results of €18 million, and the Assistance, Services and Specialty Risks Unit produced revenues of €329 million and net results of €3 million.

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