Home Financial News Maphre : strong results for 2011

Maphre : strong results for 2011

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Spanish based insurer Mapfre has released their impressive 2011 financial results.

The insurer saw net profits increase by 3.2 per cent last year to €963 million (£808m). In the same period the companies premiums surged by 15.5 per cent to €19.6 million (£16m), outdoing peers in almost every market the company operates in.

Other notable figures released by the company include the importance of their international business, which contributes to 60 per cent of the groups revenues and 45 per cent of the groups results.

2011 also saw equity rise by a quarter (24.8%) for the group. These strong results mean the company will pay out 2.7 per cent more in dividends this year at €456.5 million (£382m).

The company said that “significant growth in Life Assurance and Home lines and a performance considerably above the market average in Motor Insurance, as well as excellent development of the international business,” contributed to revenues increasing by 15 per cent.

A restructure of the company has been undertaken to keep these results coming. The new structure involves a significant simplification with respect to the previous model, while boosting its sales activity, which is fully focused on clients, as the main driver of the Group’s performance.

Maphre had a presence in over 46 countries at the end of 2011 and has one of the largest distribution networks in Spain and Latin America.