Mapfre Re largely contributes to the group’s 2016 good results
The Spanish insurance group Mapfre has posted a 2.2% growth of its written premiums at 22.81 billion EUR (24 billion USD) in 2016. Net profits amounted to 775 million EUR (816 million USD), a 9.4% progression year-on-year. The group’s activities in Spain, Brazil and the United States have prompted this increase. The combined ratio has improved by 1.2 point at 97.4%.
The reinsurance structure, Mapfre Re, has considerably contributed to the good figures published. The net profits yielded from its reinsurance activity have improved by 22% at 186 million EUR (196 million USD) thanks to the new contracts underwritten in the APAC zone, North America and Spain. Mapfre Re contributes up to 17.1% of the group’s turnover and up to 24% of the profits.
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