Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
July 27, 2009

Mapfre profits hold steady

by David Masters

Story link: Mapfre profits hold steady

Spain’s largest insurer Mapfre reported first-half net profits of 530.6 million euros ($754.7 million) this week, up 0.2% on the year.

Total revenues increased 13% to 10 billion euros, while premium revenues rose 13.3% to 8.3 billion euros.

Revenue growth was attributed to last year’s acquisition of US insurance company, Commerce Group.

Profits from the group’s international unit grew 97% year-on-year to 54.6 million euros.

Revenues in Spain dropped 1.3% to 4.6 billion euros, while profits fell 10% to 369.3 million euros.

 

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