LatAm business segments drive Mapfre’s growth in Q2
Mapfre reported substantial increases in both its direct insurance and accepted reinsurance in the second quarter of 2017, which it attributes to the performance of its Latin American businesses.
Mapfre's income before tax was €934.5 million, an increase of 3.3 percent year-on-year.
The company's consolidated revenue for the second quarter of 2017 was €15.4 billion, an increase of 5.4 percent.
Premiums from direct insurance and accepted reinsurance were €13.1 billion, growing 8.2 percent. This was primarily backed by the increase in premiums in Spain, Mexico and its global risks business unit, and the appreciated of currencies such as the Brazilian Real.
Mapfre manages its insurance business through seven regional areas - Iberia, Brazil, LatAm North, LatAm South, North America, EMEA and APAC.
The insurer increased its premiums by 4.8 percent in IBERA and 13.4 percent in Brazil.
LatAm North had increased premiums in Q2 by 70.3 percent. Mapfre attributes this increase to solid performance in the general property/casualty business.
The group is aiming to improve profitability mainly in non-life insurance, and in the first half of 2017 cancelled unprofitable policies, mainly in motor and general property/casualty.
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