Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

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.