MAPFRE’s global profit reaches €775 mil­lion

The Malta Business Weekly - - FRONT PAGE -

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.

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