July 25, 2014 by Canadian Underwriter
Global insurance group MAPFRE has reported a profit of $51.2 million in North America for the first half of the year, on a premium volume of $1.3 billion.
North America (which include the United States, Puerto Rico and Canada) accounted for 8% of the Spanish company’s global premiums, which were $16.1 billion for the past six months, and 5.2% of total profits ($628 million). Premium volume was up 0.4% over last year.
The U.S market contributed premiums of $1.1 billion in the first half, (up 3.9% over last year), driven by strong Motor and Home business performance, (which were up 2.6% and 9.6% respectively) and earnings of $43 million. Puerto Rico accounted for $202 million in premiums and $7.9 million in profits, (up 42.9% from last year).
Overall, the group posted global revenues of $18.8 billion, with $627 million in earnings. “The first half was characterized by the strength of the euro against the company’s key trading currencies; at constant exchange rates, premiums would have grown by 8% and profits by 7%,” the company said.
Total non-life premiums in the first half totaled $11.8 billion, (down 0.5%), but the second quarter saw a year-over-year increase of 1.4%.
“These results show the international business continues growing, and MAPFRE is noticing signs of economic recovery in Spain. Moreover, the excellent 95.7% combined ratio reflects outstanding operational management,” Antonio Huertas, MAPFRE’s chairman and CEO commented in its statement.
Other performance highlights for the first half of the year included:
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