MAPFRE profits up

MAPFRE’s net profit for 2016 increased by 9.4% to €775m, in a year marked by good performances in its three main markets (Spain, Brazil and the United States) and the results of MAPFRE RE.

MAPFRE points out that excluding extraordinary items for both periods (2016 and 2015), its net profit would have grown by 41%. The Group’s revenue amounted to €27.092bn, representing a 1.5% increase over the previous year, while premiums increased by 2.2% to €22.813bn. Its combined ration also decreased by 1.2 points in 2016 to 97.4%.

Antonio Huertas, chairman and CEO of MAPFRE, said, ‘2016 was a very positive year for MAPFRE. Our strategy, based on profitable growth, has allowed us to increase profits by almost 10% and secure our position in the main markets.’

In 2016, MAPFRE’s insurance unit generated premiums of €18.727bn, an increase of 1.7% over the previous year. Within the Iberia Regional Area (Spain and Portugal), the automobile business closed the year with growth of 2.6%, at €2.165bn, and approximately 5.5 million insured vehicles.