MAPFRE Posts $512 Million Q1 Pre-tax Profits; Revenues up 8.9% to $8.389 Bn

Spain’s MAPFRE posted significant increases in the first quarter of 2015 with total revenues up 8.9 percent to €7.515 billion [$8.389 billion] and “gross written and accepted premiums” up by 2.6 percent, to €6.114 billion [$685.42 billion].

Pre-tax profits increased by 4.7 percent, to €459 million [$512 million]; attributable results, however, were €201.4 million [$225 million], down 8 percent, “due to a relatively greater profit share attributable to external partners in jointly operated businesses,” the earnings report said.

“The combined ratio has been 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 percent. Excluding the United States effect, the combined ratio would have been 96.2 percent.”

MAPFRE also noted that its “Insurance Unit generated premiums of €5,217 billion [$5.824 billion] and net results of €157 million [$175 million], while the Reinsurance Unit reported premiums of €934 million [$1.043 billion] and its net results amounted to €49 million [$54.7 million].

“The Global Risks Unit recorded premium volume of €236 million [$263 million], with net results of €18 million [$20 million], and the Assistance, Services and Specialty Risks Unit produced revenues of €329 million [$367 million] and net results of €3 million [$3.35 million].

Other highlights for the period included the following:
— Shareholders’ equity rose by 14.6 percent, to €9.338 billion [$10.47 billion];
— Total assets amount to €70.651 billion [$78.869 billion], up 16.5 percent;
— Managed savings grow 12.7 percent, exceeding €40.119 billion [$44.79 billion].

Source: MAPFRE