MAPFRE’s revenues exceed €7,263 million in the first quarter and profits amount to €192 million
MAPFRE’s revenues totaled €7,263 million between January and March this year, which represents a 3.4% decrease on the same period of 2015, due in the main to the strong depreciation of Latin American currencies, especially the Venezuelan bolivar and Brazilian real. In Malta, MAPFRE is represented by MAPFRE Middlesea.
Premiums amounted to €6,113 million, and net profits stood at €192 million, down 4.8% on the first quarter of 2015. Total assets increased by 3% from year-end 2015, exceeding €65,408 million, while shareholders’ equity totaled €8,492 million.
The combined ratio improved two percentage points in the last twelve months, to 96.8 percent, reflecting MAPFRE’s efficiency and professional business management, while the expense ratio also decreased nearly one percentage point, to 27.4%.
Likewise, the solid development of the global Non-Life underwriting result deserves particular mention, growing significantly in the first quarter of the year by 174.5%
MAPFRE has also disclosed its Solvency II ratio, which stands at 190%, supported by a high-quality capital base (92 percent TIER 1), thereby confirming the company’s strength.
Premium volume from the EMEA Regional Area nearly doubled, to €758 million. Of note is growth in Turkey, up 43.5 % (68.5% in local currency terms), with premiums of €258 million. Germany and Italy contributed premiums of €144 and €135 million respectively, driven by the inclusion of the direct business in these countries (€256 million). Malta grew 45.2%, to nearly €92 million and in the United Kingdom, premiums totaled €72 million euros, up 7.7%. This Area represents 11.4 percent of the Group’s total premiums.
MAPFRE Middlesea (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, 1998.