MAPFRE’s global profit reaches €775 million
MAPFRE's net profit for 2016 increased by 9.4% to €775 million, in a year marked by good performances in its three main markets (Spain, Brazil and the United States) and the outstanding results of MAPFRE RE. In Malta, MAPFRE is represented by MAPFRE Middlesea and MAPFRE MSV Life.
The Group's revenue amounted to €27,092 million, representing a 1.5% increase over the previous year, while premiums increased by 2.2% to €22,813 million.
At the close of 2016, equity stood at €11,444 million, a 10% increase on the previous year, due to good market performance and the positive development of the main currencies (the Brazilian real and the US dollar). Moreover, shareholders' equity increased by 6.4% to €9,127 million and total assets grew by 7% standing at €67,882 million at yearend.
It is also important to highlight the performance of the combined ratio, which decreased by 1.2 points in 2016 to 97.4 percent.
"2016 was a very positive year for MAPFRE. Our strategy, based on profitable growth, has allowed us to increase profits by almost 10 percent and secure our position in the main markets," said Antonio Huertas, Chairman and CEO of MAPFRE.
The EMEA Regional Area premiums grew 29.7% to over €2,571 million, with growth in virtually every market. Turkey’s performance was noteworthy, with premiums amounting to €890 million, an increase of 18.% , while Malta experienced growth of 23.4% to €335 million. Premiums in Germany stood at €321 million, and in Italy they totaled €558 million. 2016 was the first full year in which the direct business of these countries was consolidated in the MAPFRE accounts. This Regional Area represents 10.4% of the Group's total premiums.