MADRID, July 27, 2016 /PRNewswire/ -- MAPFRE USA returned to a $56.6 million pre-tax profit in the first half of 2016, compared with a $114 million loss the year earlier, related to the heavy snowstorms that hit the North East of the United States in the previous winter. At the same time, the company generated revenue of $1,420 million in the U.S. market in the first six months of 2016, driven by its increasingly geographically diversified mix of business. MAPFRE's insurance business increased premiums by 9 percent in the period.
MAPFRE North America (which also includes Puerto Rico and Canada) recorded premiums of $1,631 million in the first six months. Puerto Rico grew 3%, to $214 million. The region accounts for 11.2 percent of the company's global premiums.
1.- Global figures
MAPFRE's net profits amounted to $424 million in the first half of the year, which represents a 20.5 percent increase, thanks to rigorous technical and financial management. Revenues stood at $16.3 billion, up 0.8 percent with respect to the same period of previous year, while premiums reached $13,478 billion (down 0.8 percent). Growth can be seen in local currency terms in virtually all the countries where we operate.
"These results are the consequence of the strategy set for the period 2016-2018, which is focused on profitable growth, with excellent technical business management, which leads to improved profitability. This is especially remarkable in Spain, where resilient growth can be seen in the main lines, internal costs continue to be reduced and the profitability of the main businesses improves significantly, especially in Motor," stated Antonio Huertas, MAPFRE's Chairman and CEO.
The Group's strength should be noted, producing a Solvency II ratio of 200 percent as of March 31st., with increased high-quality capital (93 percent in TIER 1), providing MAPFRE with strong solvency and financial soundness.
MAPFRE's Board of Directors has named Ana Isabel Fernández as an independent director. She holds a B.Sc. and Ph.D. in Economic and Business Science from Oviedo University, where she is a professor of Financial Economics, as well as professor of Finance at CUNEF. She is a member of the Consultative Committee on Corporate Reporting with the European Securities and Markets Authority, a member of the Board of Trustees of the Princess of Asturias Foundation and the Banco de Sabadell Foundation. She also sat on the boards of the Spanish Securities Exchange Commission, the European Securities and Markets Authority, and the Subcommitte on Consumer Protection and Financial Innovation of the Joint Committee of the European Banking, Securities and Insurance Supervisory Authorities.
With this appointment, MAPFRE makes further progress with the inclusion of women in its governing bodies, with four women holding seats on its board of directors, which represents 24 percent of the total.