Insurance giant MAPFRE’s nine-month earnings have beaten 2012’s full-year figure. The group posted a 4.3 per cent increase in net profit in the first nine months of the year to €683.9 million.

The growth in profits was driven by the company’s continued business expansion overseas, which now generates 70 per cent of total group revenues. Mapfre is represented in Malta by Middlesea Insurance.

Mapfre’s total revenues rose by 0.3 per cent, compared to the same period last year to €19.5 billion. Gross written and accepted premiums decreased slightly by 0.1 per cent to €16.5 million, with a higher focus on non-life than the previous year.

Shareholders’ equity increased by 3.1 per cent by €237 million, reaching €8 billion while total assets managed grew by 2.4 per cent to €58.27 billion.

The International Insurance Division’s gross profit amounted to €642 million, up 5.5 per cent. In the US, the Philippines, Malta, Puerto Rico and Turkey premiums totalled €1.96 billion, a growth of 17.6 per cent.