MAPFRE’s net earnings for the first nine months of 2018 amounted to €529 million, up 18.9% on the same period of the previous year. Meanwhile, the revenue generated was of €20.3 billion euros (down 4.7%), while premiums totaled to €17.22billion.
In Malta, represented by MAPFRE Middlesea and MAPFRE MSV Life, volume stood at €306 million, an increase of 9.8%, despite the decrease in premiums across the Euroasia Regional Area.
The Group's combined ratio improved by 0.7 percentage points to reach 98.1%, while the solvency ratio at the end of June stood at 201.7%. Equity amounted to almost €9.8 billion, while shareholders’ equity totaled €8.27 billion at the end of September 2018. Total assets came to €67.89 billion.
Group investments at the close of the first nine months of the year totaled €49.88 billion euros, with 54.4% concentrated in sovereign debt and 18.7% in corporate fixed income.
MAPFRE has displayed impressive resilience and strength in weathering sharp currency depreciations across many of the countries in which it operates, coupled with a notable reduction in financial income due to the prevailing climate of low interest rates.
Premiums in the Eurasia Regional Area were down 6.3% to €1.36billion, due to depreciation of the region’s main currencies. In Turkey, premiums amounted to €360 million ( down 28.1%) – a result of both the depreciating lira and the impact of regulatory changes on the Automobile insurance segment, which led to significant downward pricing pressure. In Italy, premiums improved slightly, totaling €354 million (an increase in 0.4%). In Germany, volume stood at €268 million ( an increase of 3.8%).
Business in Spain remains the main growth driver for MAPFRE, while a significant contribution was made by MAPFRE RE and the Regional Areas of Latin America as well as MAPFRE Global Risks and MAPFRE Assistencia.
MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority (MFSA) to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Both entities are regulated by MFSA.