MAPFRE Earnings up 18.7% to $1.078 Billion; Revenues at $35.32 Billion

Spain’s MAPFRE Group announced that its earnings for 2013 rose by 18.7 percent, to €790.5 million [$1.078 billion], while total revenues rose by 2.3 percent to €25.889 billion [$35.32 billion].

The earnings report also listed the following additional highlights:

— Premiums grow 1.2 percent, to €21.8355 billion [$29.789 billion].

— Overseas business contributes more than 72 percent of premiums and 64 percent of earnings.

— In Spain, total managed savings stand at €27.903 billion [$38.067 billion], rising 6.2 percent, double the growth level recorded by the sector.

— The value of investments in Spain has grown by almost €1.400 billion [$1.91 billion], principally as a result of the increase in sovereign debt values, in turn producing a rise of €285 million [$389 million] in equity.

— The expense ratio in Spain falls, despite a drop in premium volume, thanks to a concentrated effort to reduce internal costs, resulting in savings of €48 million [$65.5 million].

— The Group raises its total dividend against the 2013 results by 18 percent, and will pay out €0.13[$0.177] cents per share.

Chairman and CEO Antonio Huertas attributed the earnings increase “the geographical diversification of the business, which underpins the company’s solidity.” He described the results as “very positive, given the current domestic and international environments in which they have been achieved, and reflect not only MAFPRE’s strength, but more importantly the Group’s capacity to adapt accordingly in all the markets in which it operates.”

He also indicated that “MAPFRE is currently in the best position to lead the economic recovery.”

Source: MAPFRE Group

Topics Profit Loss