MAPFRE profits up

MAPFRE has announced a 20% increase in profits for the first half of 2016.

The international insurer reported net profits of €380m, while revenues stood at €14,641m and premiums reached €12,080m.

Antonio Huertas, MAPFRE’s chairman and CEO, said, ‘These results are the consequence of the strategy set down for the period 2016-2018, which is focused on profitable growth, with excellent technical business management, which feeds into improved profitability. This is especially noticeable in Spain, where solid growth can be seen in the main lines, internal costs continue to be reduced and the profitability of the main businesses is improving significantly, especially in Auto.

The Group’s combined ratio improved 1.6 percentage points with respect to the first half of 2015 and now stands at 97.5%.