Spanish insurer Mapfre posted a solid set of results for the first half of 2014, citing growth in the Latin American market.
The insurer said that at constant exchange rates, premiums would have grown by 8 percent. However, the strength of the Euro during the period meant that premiums were down 0.5 percent to €8.62 billion for the first half of 2014.
The second quarter saw a year-on-year increase in premiums of 1.4 percent which the insurer said was particularly strong in Brazil and Mexico. The life business posted premiums of €3.16 billion, with Brazil performing exceptionally well during the second quarter of the year.
Profits before taxes and minority interests amounted to €942 million, a record figure for Mapfre in the first six months.
Mapfre reported that in Spain, it outperforms the market by 2.4 percentage points, with strong growth in the health, accidents, life and multi-peril lines. The motor insurance business performs on par with the market.
“These results show that the international business continues growing, and Mapfre is noticing signs of economic recovery in Spain. Moreover, the excellent 95.7 percent combined ratio reflects outstanding operational management,” said Antonio Huertas, Mapfre’s chairman and chief executive officeer.
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Mapfre, Europe, Second Quarter 2014 Results, Antonio Huertas