Mapfre generated premium volume of €11.78 billion in the first half of 2014, similar to the figure for the same period of the previous year, and produced attributable earnings of €457.7 million, up 0.4 per cent.

Revenues stood at €13.72 billion, a figure in line with that of the preceding year. The first half was characterised by the strength of the euro against the company’s key trading currencies; at constant exchange rates, premiums would have grown by eight per cent and profits by seven per cent.

Profits before taxes and minority interests reached a new first-half high for Mapfre, increasing by 8.7 per cent to €942 million, having risen by 45 per cent since the onset of the financial crisis in 2007.

During the first six months of the year, business was robust, resulting in the company registering an excellent combined ratio. Moreover, equity grew by nearly €820 million in the period to €10.71 billion, due in part to falling spreads in Spain.

Likewise, unrealised capital gains recognised directly in equity have shown a rise of over €1.55 billion since the previous year-end.

Non-life premiums in the first half totalled €8.62 billion (down 0.5 per cent), but the second quarter saw a year-on-year increase, (up 1.4 per cent).

“These results show that the international business continues growing, and Mapfre is noticing signs of economic recovery in Spain. Moreover, the excellent 95.7 per cent combined ratio reflects outstanding operational management,” said Mapfre chairman and CEO Antonio Huertas.

Shareholders’ equity stood at €8.48 billion, an 8.3 per cent rise since year-end 2013, and total managed assets were €72.33 billion, an increase of 7.2 per cent over the last 12 months.

Furthermore, the Standard & Poor’s ratings agency in May raised the counterparty credit ratings of Mapfre RE and Mapfre Global Risks to A, and those of the group’s parent company to BBB+.

Mapfre is represented in Malta by Middlesea Insurance, which forms part of the Mapfre Group.

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