WASHINGTON: MAPFRE’s revenues increased by 4.1% in 2015, exceeding €26,700 million, while premiums increased by 2.3%, amounting to €22,312 million. Net earnings stood at 709 million euros, down 16.1%. The decrease was due to the fall in non-life underwriting results – a consequence of the impact of the snowstorms in the United States, the uptick in claims and a higher tax rate in some countries. MAPFRE, a global insurance company operates in 49 countries including Malta, where it is represented by MAPFRE Middlesea.
During 2015, equity totaled €10,408 million, down 9.3%, mainly due to the decrease in the value of the financial investment portfolio and the depreciation of key currencies against the euro. Shareholders’ equity stood at €8,574 million euros, and total assets were €63,489 million.
At the end of 2015, the combined ratio stood at 98.6% which represents an increase of 2.8% points, of which 1.3% points stem from the extraordinary losses resulting from the snowstorms that hit the United States.
Premiums from the Europe, Middle East and Asia Regional Area (EMEA) totaled €1,982 million 53.9% more than the previous year. All the markets recorded premium growth above 20%, and Direct Line in Germany and Italy contributed €374 million. This Regional Area represents 8.3 percent of the Group’s total premiums.
“Revenues and premiums continue to grow, reflecting customers’ trust in MAPFRE; but we have to take further steps to improve our efficiency and profitability”, stated Antonio Huertas, MAPFRE’s Chairman and CEO.
The company has recently approved its strategic plan for the 2016-2018 period, which focuses on profitable growth and has customer orientation, digital transformation, excellence in technical management, strengthening of the internal culture and human talent development as its main axes.
