MAPFRE will offer Life Insurance in the United States in 2014
- Revenue in the United States, Canada and Puerto Rico amounted to $2.94 billion in 2013.
- MAPFRE aims for total revenue in excess of €30 billion from all countries in which it operates by 2016.
MAPFRE’s business in North America (Canada, the United States and Puerto Rico) now represents 10 percent of all the Group’s service-related premiums and revenue. In 2013, MAPFRE’s revenue in this region rose to $2.94 billion.
Most notable is the excellent performance in the United States, where revenue increased to $2.49 billion. In addition to Massachusetts, where MAPFRE is the market leader in terms of business with private customers, the contribution from the other 16 states in which the Group operates, which represents 24.6 percent of MAPFRE’s US business, is worthy of mention. Forecasts point towards significant revenue growth in the America, the world’s largest insurance market, where MAPFRE’s ambitious organic expansion plan is already underway, and includes, among other projects, the roll-out of Life Insurance solutions from the second quarter of 2014, as well as the commencement of operations in a new state – Pennsylvania. In the North American market, MAPFRE is ranked among the Top 20 automobile insurance companies.
In Puerto Rico, service-related premiums and revenue exceeded $423.4 million in 2013, while in Canada, where MAPFRE is involved in the reinsurance and Assistance business, revenue rose to over $26.2 million.
The Group, which has been operating in Puerto Rico since 1989, employs some 4,200 people in the region. MAPFRE strengthened its commitment to the United States in 2008 through the acquisition of Commerce, which has facilitated the Group in becoming market leader in the automobile and home insurance lines in Massachusetts, with market shares of 28% and 12%, respectively.
By region, Latin America generates the most business for MAPFRE (44.3 percent), with income of $13.17 billion, followed by Europe, where revenue has risen to $13.09 billion (44 percent of the overall total).
Among MAPFRE’s strategic objectives for the next three years are the aim to raise total revenue to over €30 billion, the maintenance of the combined ratio at below 96%, and keeping the dividend return at current levels.
MAPFRE, which operates in 47 countries on five continents, recorded net income of $1.05 billion in 2013, 18.7 percent more than the previous year. Revenue rose to $34.42 billion, a rise of 2.3 percent, and premiums grew by 1.2 percent to $29.03 billion.
At the same time, MAPFRE’s net equity amounted to $10.41 billion, an increase of 0.3 percent, and total managed assets rose to $87.81 billion, representing an increase of 2.2 percent over the last twelve months.
MAPFRE is the number one multinational insurance group in Latin America and among the Top 10 insurance groups in Europe in terms of premium volume.