CORPORATE | 02.13.2020
MAPFRE USA increases profits seven-fold in 2019, up to €57 million
The Group’s global revenue stood at over €28.47 billion, up 7 percent on the year.
MAPFRE USA had net earnings of €57 million in 2019, compared with €8 million in the previous year, as the company reorganized its business to focus on profitable growth. Premiums reached €1.9 billion, a decrease of 8.7%, due to technical measures adopted in underwriting for the businesses in those states outside of the Northeast region.
Premiums in that key Northeast region grew 3.8% to €1.6 billion, and earnings almost doubled to €77 million, with a 1.1 percentage point improvement in the combined ratio, to 99.4%.
MAPFRE North America (which also includes Puerto Rico) recorded a premium decrease of 3.9%, to €2.3 billion. Attributable profit for North America totalled €79 million.
MAPFRE’s combined ratio stands at 97.6 percent, reflecting the improvement of this indicator in Brazil, LATAM North and the United States.
The Group’s attributable equity at the 2019 fiscal year-end stood at €8.85 billion, up 10.8 percent, and total assets grew 7.8 percent, reaching €72.51 billion.
Group investments increased by 8.6 percent in the last year to €53.52 billion, with 56.2 percent of these investments in sovereign debt and 17.5 percent in corporate fixed income, while 5.2 percent are equity investments and 4.7 percent are cash. At the close of September 2019, the Solvency II ratio stood at 195 percent.