Global insurance group MAPFRE has reported a profit of $51.2 million in North America for the first half of the year, thanks to a flourishing international market.
North America accounted for 8 per cent of the Spanish company’s global premiums, which were $16.1 billion for the past six months, and 5.2 per cent of total profits ($628 million). Premium volume was up 0.4 per cent over last year.
The premium volune for the first half was $1.3 billion.
“These results show the international business continues growing,” said Antonio Huertas, MAPFRE’s chairman and CEO, “and MAPFRE is noticing signs of economic recovery in Spain. Moreover, the excellent 95.7 per cent combined ratio reflects outstanding operational management.”
MAFRE’s North American market consists of Canada, The United States and Puerto Rico.
The U.S market contributed premiums of $1.1 billion in the first half, (up 3.9 per cent over last year), driven by strong Motor and Home business performance, (which were up 2.6 per cent and 9.6 per cent respectively) and earnings of $43 million. Puerto Rico accounted for $202 million in premiums and $7.9 million in profits, (up 42.9 per cent from last year).
Overall, the group posted global revenues of $18.8 billion, with $627 million in earnings.
According to the company, “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 per cent and profits by 7 per cent.”
Total non-life premiums in the first half totaled $11.8 billion, (down 0.5 per cent), but the second quarter saw a year-over-year increase of 1.4 per cent.
