Spain’s MAFRE Group posted total revenues for the first quarter of 2012 of €6.835 billion [$8.858 billion], an 11.5 percent increase compared to Q1 2011, “thanks to sustained growth of the international business,” the report noted. Recurring results grew by 3.7 percent, to €250.7 million [$325 million].
MAPFRE said its “international business, which contributes nearly 62 percent of premiums, recorded growth in Direct Insurance in all Latin American countries, the USA and Turkey. There were also some positive developments of Home insurance in Spain with increases of 0.3 percent in the motor [auto] market share and 1.4 percent in Life Assurance.
The Group’s premiums exceeded €5.890 billion [$7.633 billion], a 15.1 percent increase. The Non-Life businesses posted €4.386 billion [$5.684 billion], an 11.4 percent increase, while life insurance premiums rose 27.6 percent to €1.508 billion [$1.954 billion] during the period.
The bulletin also said the Group’s combined ratio fell one percentage point to 95.6 percent, “in a particularly complicated context, thanks to a lower loss experience in the reinsurance and international businesses.”
MAPFRE’s International Insurance Division, which comprises the Direct Insurance activities outside Spain, contributes 42.5 percent of the Group’s total premiums from direct insurance and accepted reinsurance. It reached a total premium figure of €2.653 billion [$3.438 billion], a 41.6 percent increase.
The group’s overall growth in Latin American countries was quite exceptional. It achieved premiums of €2.093 billion [$2.7125 billion], a 51.3 percentoverall increase. In Brazil MAPFRE’s business growth rose by 95.4 percent, to €1.142 billion [$1.48 billion], contributing 55 percent of MAPFRE’s business in the region.
Increases were also achieved in all of the countries in the region, in particular: “Chile (+32 percent), Argentina (+28 percent), Colombia (+25 percent), Ecuador (+18 percent), Venezuela (+18 percent), Central America (16 percent), and Mexico (+16 percent).”
In all other countries where the Group operates in Direct Insurance – the U.S., Philippines, Malta, Portugal and Turkey– premiums reached €559.5 million [$725 million], a 14.2 percent rise. Premium volume in the U.S. rose by 2.9 percent to €374 million [$485 million], and in Turkey premiums were up by 39.3 percent to €107 million [$138.6 million].
The bulletin pointed out that in Latin America MAPFRE’s business “grew 14 percent, excluding the capital gains achieved in the previous year through the agreement with Banco do Brasil, and in the rest of the countries operating in Direct Insurance, the absence of catastrophes and the improvement in the underwriting led to a nine-fold increase in results.”
Source: MAFRE Group
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