MAPFRE's net profit for 2016 increased by 9.4 per cent to €775 million, in a year marked by good performances in its three main markets – Spain, Brazil and the United States – and the outstanding results of MAPFRE RE.
The Group's revenue amounted to €27,092 million, representing a 1.5% increase over the previous year, while premiums increased by 2.2 per cent to €22,813 million.
At the close of 2016, equity stood at €11,444 million euros, a 10 per cent increase on the previous year, due to good market performance and the positive development of the main currencies (the Brazilian real and the US dollar). Moreover, shareholders' equity increased by 6.4 per cent to €9,127 million and total assets grew by 7 per cent standing at €67,882 million at year-end.
It is also important to highlight the performance of the combined ratio, which decreased by 1.2 points in 2016 to 97.4 per cent.
"2016 was a very positive year for MAPFRE. Our strategy, based on profitable growth, has allowed us to increase profits by almost 10 percent and secure our position in the main markets," said Antonio Huertas, Chairman and CEO of MAPFRE.
The EMEA Regional Area premiums grew 29.7 per cent to over €2,571 million, with growth in virtually every market. Turkey’s performance was noteworthy, with premiums amounting to €890 million euros, an increase of 18 per cent , while Malta experienced growth of 23.4 per cent to €335 million euros. Premiums in Germany stood at €321 million, and in Italy they totaled €558 million euros. 2016 was the first full year in which the direct business of these countries was consolidated in the MAPFRE accounts. This Regional Area represents 10.4 per cent of the Group's total premiums.
In Malta, MAPFRE is represented by MAPFRE Middlesea and MAPFRE MSV Life. MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, 1998. MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998.