MAPFRE reports €456 million profit in the first half of 2013

MAPFRE has achieved a profit  attributable to its shareholders of €456 million in the first half of 2013, which represents a 5% rise with respect to the comparative period of the previous year. Total revenues during this period amounted to €13.78 billion, a 4.8% increase. This significant increase is primarily due to growth in its international business, which already represents two thirds of the Group's business, and a growth in premium income.

During the period, the Group's gross written premiums in the Spain and Portugal Insurance division declined by 1.9% from €4.1 billion to €4.0 billion. However this was offset by Mapfre's International Insurance business which reported an 8.7% increase in gross written premiums from €5.4 billion to €5.9 billion. The International Insurance business generated a profit before tax and minority interests of €417.8 million, up from €403.4 million, while the Domestic division's profits were up from €349.2 million to €386.4 million. The Global Business division, which contributes to 23% of the Group's premiums and includes MAPFRE's Reinsurance, Global Risks and Assistance businesses, achieved premiums and operating revenues of €3.0 billion, a 19% rise.

MAPFRE's consolidated premiums exceeded €11.78 billion, a 5.2% increase compared to the same period of the previous year. Non-Life insurance recorded premiums of €8.66 billion (+5.8%) whilst and Life Assurance generated €3.12 billion (+3.5%)).

Of note is the favourable performance of the Group's combined ratio, which fell to 95.1%, improving significantly in the international business and remaining at excellent levels in Spain. Equity increased in the last twelve months by €458.4 million (+4.7%), to €10,221.4 million, and the total managed assets rose 6.8%, to €67,481.6 million.