MAPFRE, the majority shareholder of the Middlesea Group, achieved a profit attributable to its shareholders of €456 million in the first half of 2013, which represents a five per cent rise with respect to the comparative period of the previous year.

Total revenues during this period amounted to €13.78 billion, a 4.8 per cent increase. This significant increase is primarily due to growth in its international business, which already represents two-thirds of the group’s business, and a growth in premium income.

During the period, the group’s gross written premiums in the insurance divisions in Spain and Portugal fell by 1.9 per cent from €4.1 billion to €4 billion. However, this was offset by Mapfre’s international insurance business, which reported an 8.7 per cent increase in gross written premiums from €5.4 billion to €5.9 billion.

The international insurance business generated a profit before tax and minority interests of €417.8 million, up from €403.4 million, while the domestic division’s profits were up from €349.2 million to €386.4 million. The global business division, which contributes to 23 per cent of the group’s premiums and includes MAPFRE’s reinsurance, global risks and assistance businesses, achieved premiums and operating revenues of €3 billion, a 19 per cent rise.

MAPFRE’s consolidated premiums exceeded €11.78 billion, a 5.2 per cent increase compared to the same period of the previous year.

Non-life insurance recorded premiums of €8.66 billion (+5.8 per cent) while life assurance generated €3.12 billion (+3.5 per cent).

Of note is the favourable performance of the group’s combined ratio, which fell to 95.1 per cent, improving significantly in the international business and remaining at excellent levels in Spain.

Equity increased in the past 12 months by €458.4 million (+4.7 per cent), to €10,221.4 million, and the total managed assets rose 6.8 per cent, to €67,481.6 million.