Mapfre’s revenue exceeds €21.3bn in first nine months of the year

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. In Malta, the Mapfre Group is represented by Mapfre Middlesea and Mapfre MSV Life.

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.

During the first nine months of this year, the Insurance Unit's premium volume rose to €14.8bn, a 6.3% increase relative to the same period last year.

Equity closed September at €10.8bn, while shareholders’ equity rose to €8.8bn and total assets at the close of September amounted to €67.7bn.

Mapfre’s investments totalled €49.4bn at the end of September. Of this amount, 54% corresponded to sovereign debt, while 20% was invested in corporate fixed income, with 9% in equity and mutual funds.

The Solvency II ratio at the close of the first half of this year was 205.6% with 87% of top-notch (TIER 1) capital, reflecting the robustness and stability of the Group, which is supported by broad diversification and strict investment and management policies.

Premiums in the EMEA Regional Area stood at €1.4bn, down 4.1%. In Malta, the insurance business grew 12.8% to €278m.

Mapfre VIDA grew 4.7% recording premium volume of €1.6bn, with the bank channel contribution, especially that of Bankia Mapfre VIDA (+65.4 %), being worthy of mention.

The Global Risks Business Unit registered premium growth of 6.9% in the first nine months of the year, producing €950m. The Latam North and EMEA Regional Areas performed especially well, posting double-digit growth. Recent catastrophic events have cost this unit €73m, giving rise to losses of €87m.