Record turnover for the insurer Mapfre

For the first time in its history, the turnover of the Spanish insurer Mapfre exceeds the 20 billion EUR (26.5 billion USD) limit to reach 20.4 billion EUR (27 billion USD). Its net profit amounted to 933.5 million EUR (1.2 billion USD). The activity outside Spain accounts for 40% of the profit.

The insurer deems that half of the 2011 profits will come from its foreign operations. U.S.A, alone, has yielded a profit worth 143 million EUR (189 million USD) in 2010. In 2011, Brazil's contribution in the gross written premiums is likely to reach 4 billion EUR (5.3 billion USD).
Mapfre expects a steady growth at 9% for the current year and announced it would restrict its financial and real estate operations in favor of a refocus on insurance.

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