Mapfre's reinsurance unit makes healthy contribution to 2016 results
Spain's Mapfre increased its gross written premiums by 2.2 percent year-on-year in 2016 to €22.81 billion. Mapfre’s net profit for 2016 increased by 9.4 percent to €775 million, driven by its units operating in Spain, Brazil and the US, the company said.
The insurer's combined ratio improved by 1.2 percentage points to 97.4 percent, partly thanks to expanding the business in the current soft market.
Its reinsurance unit, Mapfre Re, increased premiums by 13.5 percent in 2016, reaching €4.24 billion. It said it benefited from new contracts in the APAC, North America and Iberia regional areas. The reinsurance unit's net profit of increased by 22 percent, to reach €186 million. Mapfre Re contributed 17.1 percent to the group’s total premiums and 20.1 percent to its profit.
"2016 was a very positive year for Mapfre," said Antonio Huertas, chairman and CEO of MAPFRE. "Our strategy, based on profitable growth, has allowed us to increase profits by almost 10 percent and secure our position in the main markets."
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