Mapfre expects revenues to exceed €26bn in 2013

Mapfre expects revenues to exceed €26 billion this year as the insurance group aims to extend its presence to other markets, chairman Antonio Huertas told an annual general meeting of shareholders.

The meeting approved the group’s financial statements, which recorded revenues of €25.3 billion and a net result of €665.7 million in 2012.

These very positive results have been possible thanks to its international and business diversification, and place Mapfre as one of the six largest companies in Spain by turnover.

The Mapfre Group is represented in Malta by Middlesea Insurance, which forms part of the Mapfre Group. The meeting was attended by Middlesea’s president and chief executive Alfredo Munoz.

Mapfre should grow again in Spain above the market, despite 2013 is expected to be a year of uncertainty. Huertas added that Latin America will play an important role in the group’s growth and that special attention will be paid to the US market, where Mapfre’s presence will be extended to more states.

Likewise, he underscored that the important international diversification of the global businesses will allow this area to keep on growing at a sustainable pace.

Mapfre’s balance sheet stands at €57 billion, with an increase in equity of €750 million and a solvency ratio of 261 per cent.

Huertas detailed Mapfre’s main strategic guidelines for the coming years including the creation of an international innovation platform to use and transmit the group’s expertise in various markets, the use of state-of-the-art technology that, with the sales activity, should be one of the drivers of the company’s performance, and the continued improvement of efficiency which contributes to increasing Mapfre’s competitiveness.


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