MAPFRE: revenue up, premiums down
MAPFRE recorded revenue for the first nine months of the year of €20.9bn, a year-on-year increase of 1.8%, while premiums totalled €17.1bn, a 1.3% decrease.
Earnings before taxes and non-controlling interests grew by 15.5% to €1.3bn, and net profits were €572m, 3.3% lower than the equivalent figure for the first nine months of 2015.
These results come on the back of the Group’s strategy to concentrate its business on profitable activities. MAPFRE’s combined ratio improved by 1.5% to 97.2%, with ‘excellent’ combined ratios in MAPFRE Spain (93.4%), MAPFRE Brazil (94.7%) and the north eastern region of the US, which accounts for 74% of the country’s premiums (95.2%).
In the automobile business, premiums were up by 2.5% to €1.6bn.