Mapfre revenues expand by 13 percent

MANILA, Philippines - Global insurer Mapfre has registered a 12.9-percent increase in revenues to 10,043 million euro in the first half of 2009 versus the 8,896 million euro of last year. Its international business remains its main contributor after posting a 13.3-percent growth in total life and non-life premiums. The international business accounts for 47 percent of the Group’s premiums and over 31 percent of results, making it the company’s main growth driver.

In the Philippines, Mapfre Internacional owns 75 percent of non-life insurance firm Mapfre Insular while domestic insurance giant Insular Life Assurance Co. owns 25 percent, it said in a statement. Mapfre Insular is part of Mapfre Internacional, which oversees international operations outside of Latin America, along with other Mapfre-owned insurance companies in the USA, Portugal, and Turkey.

The international arm contributed a 168.2-percent growth in premiums, which amounted to 881.7 million euro. With this encouraging insurance business environment, Mapfre continues to be the largest insurer in Spain and Latin America, with worldwide presence extending to 45 countries.