MAPFRE revenues inch upwards

MAPFRE’s revenue in the first nine months of the year rose to €21.3bn, a 1.6% increase on the same period of the previous year.

Premiums grew by 5.1% to €18bn, driven by business growth in Spain, Mexico and the reinsurance and global risks businesses. Net profit stood at €445m, a decrease of 22.3%, due to the costs stemming from recent natural disasters in both North America and the Caribbean, the estimated impact of which is €176m net. Combined ratio, which now stands at 98.7%, would have been 96.3% without these events.

The reinsurance business contributed €97m to profits, with a combined ratio of 96.6%, as well as the strong growth of the business in Spain, and especially in profitability.

MAPFRE’s investments totalled €49.4bn at the end of September, 54% of which corresponded to sovereign debt, while 20% was invested in corporate fixed income, with nine perc ent in equity and mutual funds.