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Mapfre H1 2013 net profit rose by 5% to $604m

Spanish insurer Mapfre has posted a profit before tax of €866.5m ($604m) for the first-half of 2013, an increase of 5.2% compared to €823.8m for the same period last year, primarily due to growth in its international business.

The company’s revenues grew by 5% to €13.7bn in the first-half of 2013, compared to the first-half of last year.

During the period, the company’s gross written premiums in the Spain and Portugal division declined by 1.9% from €4.1bn to €4bn.

Mapfre international business, which includes a Latin America unit and an operation for other territories, reported 8.7% increase in gross written premiums from €5.4bn to €5.9bn.

The international unit reported that its profits surged to €417.8m from €403.4m, while domestic division’s profits were up from €349.2m to €386.4m.

Mapfre expects to post revenues of more than €26bn in 2013, compared to €25.3bn in 2012.