Wednesday, December 28, 2016

MAPFRE Posts $512 Million Q1 Pre-tax earnings; revenues up eight.9% to $8.389 Bn

Spain’s MAPFRE published massive will increase inside the first region of 2015 with total revenues up 8.9 percent to €7.515 billion [$8.389 billion] and “gross written and well-known premiums” up by way of 2.6 percent, to €6.114 billion [$685.42 billion].
Pre-tax income increased by means of four.7 percentage, to €459 million [$512 million]; attributable consequences, however, were €201.four million [$225 million], down 8 percentage, “due to a relatively more earnings proportion on account of outside companions in jointly operated agencies,” the earnings document stated.
“The combined ratio has been suffering from wonderful losses bobbing up from the heavy snowstorms that hit the united states in February (which added 2.6 percentage factors) and the increase in claim frequency in numerous markets, and stood at ninety eight.8 percent. except for the usa effect, the blended ratio could had been ninety six.2 percent.”
MAPFRE also stated that its “insurance Unit generated rates of €5,217 billion [$5.824 billion] and internet results of €157 million [$175 million], whilst the Reinsurance Unit pronounced charges of €934 million [$1.043 billion] and its internet results amounted to €49 million [$54.7 million].
“the worldwide risks Unit recorded top class volume of €236 million [$263 million], with net effects of €18 million [$20 million], and the help, services and area of expertise dangers Unit produced revenues of €329 million [$367 million] and internet effects of €three million [$3.35 million].
other highlights for the period included the subsequent:
— Shareholders’ equity rose with the aid of 14.6 percent, to €9.338 billion [$10.47 billion];
— total assets amount to €70.651 billion [$78.869 billion], up 16.5 percentage;
— managed financial savings develop 12.7 percent, exceeding €40.119 billion [$44.79 billion].

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