New Mapfre chairman Antonio Huertas expects the group to achieve revenues of over €25,000 million this year, equivalent to a six per cent increase, in a year that he anticipated will be “hard and demanding”.

Mr Huertas took over the chairmanship of Mapfre after the Madrid-headquartered group’s annual general meeting earlier this month, succeeding José Manuel Martínez, who was chairman since 2001.

“In this increase, the dynamism of our international areas will play a pivotal role, although we also expect to achieve good income figures in Spain, increasing our market shares in all the sectors. This country’s economy can grow again vigorously, creating jobs and building credit confidence, provided that appropriate economic measures continue to be taken. We are optimists in this sense,” Mr Huertas said.

Welcoming Mr Huertas to the role, the outgoing chairman praised his innovative capacity, rigorous approach to management, effective team leadership, knowledge of new technologies and his capacity to face business challenges.

Mapfre, the majority shareholder in Middlesea Insurance plc,registered a net result of €963 million for 2011, 3.2 per cent higher than the previous year.

The group plans to boost online sales in those countries with market opportunities. Mapfre will also strengthen its position as a global benchmark reinsurance company. Its ‘Assistance’ business – which has also established in presence in Malta – will extend its business model for online travel insurance to the US and will start operating in China, Korea, Japan and Sweden.

Mapfre will increase Global Risks’ presence in the 27 countries defined in its business plan and it will start operating in Italy and the US.