Revenue in Europe exceeded €9.85 billion in 2013
- Aside from Spain, which more than €7.50 billion in revenue, Turkey performed strongly, generating €695 million, as did the UK, contributing €414 million in premium income.
- MAPFRE aims for total revenue in excess of €30 billion from all countries in which it operates by 2016.
European business now represents 44 percent of MAPFRE’s total service-related premiums and revenue, making the region the second-largest contributor to total Group income after Latin America. In 2013, Group revenue in Europe rose to €9.85 billion, and its drive to further geographically diversify its business has boosted growth on the continent, where MAPFRE now ranks among the Top 10 insurance groups in terms of premium volume. MAPFRE is involved in the insurance, reinsurance or assistance lines in virtually every country in Europe, and employs over 13,100 people.
Spain, where MAPFRE was founded 80 years ago, remains a major contributor to the Group’s business, producing revenue of €7.51 billion in 2013.
Nowadays, other markets are becoming increasingly important, such as Turkey, where MAPFRE’s business grew by almost 40 percent in 2013, reaching €695 million. Underpinning this performance is strong premium growth in the Automobile and Health lines, as well as continued expansion of the branch and office network across the country, where MAPFRE now employs close to 700 people.
The UK is also an increasingly important market for MAPFRE, where 2013 revenue totaled €414 million, up 6.2 percent on the previous year. MAPFRE has been active in the UK market since the early 1990s, where it now employs 550 people.
The French market also performed in 2013, with revenue up by more than 29 percent to €277.3 million; Italy likewise, had a good year, bringing in revenue of €196.7 million, 27.6 percent higher than 2013.
By region, Latin America generates the most business for MAPFRE (44.3 percent of the total), with income of €9.91 billion, followed by Europe, and then by North America, which recorded income of €2.22 billion, representing 10% of total Group business.
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 €790.5 million in 2013, 18.7 percent more than the previous year. Revenue rose to €25.89 billion, a rise of 2.3 percent, and premiums grew by 1.2 percent to €21.84 billion.
At the same time, MAPFRE’s net equity amounted to €7.83 billion, an increase of 0.3 percent, and total managed assets rose to €66.05 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 one of the Top 20 automobile insurance companies in the United States.