MAPFRE USA Posts $2 Billion In Nine-Month Premiums, Up 8.2 Percent Over Prior Year

-- MAPFRE North America records premiums of $2,338 million through September

-- The Group posts global revenues of $22.9 billion, with $1.3 billion in pre-tax earnings.

Nov 04, 2015, 17:04 ET from MAPFRE

MADRID, Nov. 4, 2015 /PRNewswire/ -- MAPFRE generated revenue of $2,008 million in the U.S. market in the first nine months of 2015, driven by strong Motor, Home and Assistance business development. MAPFRE's insurance business increased premiums by 8.2 percent over the period. Losses amounted to $93.6 million through September as a result of the heavy snowstorms that hit the North East of the United States in February. However the Group returned to profit on a quarterly basis with a $19.8 net gain from July through September.

MAPFRE North America (which also includes Puerto Rico and Canada) recorded premiums of $2,338 million in the first nine months, up 34% over the previous year (in euros). Puerto Rico grew 6 percent to $328 million. North American premiums account for 11.3 percent of the company's global revenues.

1.- Global figures

MAPFRE's revenues totaled $22.9 billion between January and September of 2015, which represents a 6.8 percent rise with respect to the same period of the previous year, and premiums increased by 5.4 percent, to $19.3 billion. Over this period, growth in Non-Life insurance and reinsurance, as well as Direct Line's business in Italy and Germany, which contributed $230 million in premiums, stand out.

Pre-tax profits amounted to $1.3 billion, down 16.2 percent on the first nine months of previous year, while net profits reached $657 million (down 12.1 percent), due to, among other factors, the increase in claims, especially as a result of the above mentioned snowstorms in the United States, and higher tax rates in some countries. Despite the increase in claims in the main markets, the Group's combined ratio improved 40 basis points with respect to the previous quarter and stands at 98.7 percent.

MAPFRE's strong solvency levels allow it to maintain an interim dividend of 0.06 euros per share against this year's results. Thus, MAPFRE's shareholders will receive 0.14 euros per share, the same amount paid last year, and the company will pay total dividends of 431 million euros ($479 million) to its shareholders.

2.- Appointments

MAPFRE's Board of Directors has approved the appointment of the External Director Georg Daschner as Chairman of the Risks and Compliance Committee, replacing Francisco Vallejo, who has recently retired, on reaching the age limit established in the Company's bylaws. Likewise, Georg Daschner will also be a member of the Steering Committee. 

Furthermore, the Board has approved the appointment of Eduardo Perez de Lema as Chairman and CEO of MAPFRE RE's Executive Committee, as well as his appointment as a member of MAPFRE's Executive Committee. Pedro de Macedo, who has been MAPFRE RE's CEO for the last four years, will continue in his role as Chairman of MAPFRE RE's Board of Directors. 

For further information, please contact MAPFRE's Corporate Communication Division (telephone: +34 91 581 87 14; +34 91 581 83 66), email: joaquinhernandez@mapfre.com; javier.fernandez@mapfre.com.

SOURCE MAPFRE