MAPFRE Genel Sigorta’s premiums acquired from its insurance services amounted to 2 billion 124 million TL in 2015, increasing by 41.3 percent over the previous year. Its pre-tax net annual profit stood at 44.9 million TL. Its total turnover for the EMEA Region, which consists of 19 countries in Europe, Middle East and Africa, increased by 53.9 percent compared to previous year and reached 6 billion 2 million EUR. Turkey contributed to 38 percent of total premiums underwritten in this region which added 8.3 percent to MAPFRE’s total turnover.

Global results

MAPFRE’s global revenues increased by 4.1 percent in 2015, exceeding 26 billion 700 million EUR at the end of 2015, while premiums amounted to 22 billion 312 million EUR which represents a 2.3 percent rise.

Net earnings stood at 709 million EUR, down by 16.1 percent, due to the fall in non-life underwriting results (mainly as a consequence of the impact of the snowstorms in the United States), the uptick in claims and a higher tax rate in some countries.

Reinsurance profit grows

The Reinsurance Unit of MAPFRE Group reported premiums of 3 billion 732 million EUR, an increase of 11.6 percent over the same period of previous year, and its net earnings stood at 153 million EUR, up by 7.8 percent. The reinsurance business represents 15.6 percent of the Group’s total premiums and 17.9 percent of its earnings. MAPFRE RE ranks 15th by premium volume in the global reinsurance ranking. The Global Risks Unit recorded premiums of 1 billion 175 million EUR, up by 12 percent compared to 2014, and net earnings of 58.3 million EUR, up by 32.8 percent. Revenues from the Assistance, Services and Specialty Risks Unit stood at 1 billion 210 million EUR in 2015, a 6.4 percent increase compared to the previous year.

“Revenues and premiums continue to grow, reflecting customers’ trust in MAPFRE; but we have to take further steps to improve our efficiency and profitability”, stated Antonio Huertas, MAPFRE’s Chairman and CEO. The company has recently approved its strategic plan for the 2016-2018 period, which focuses on profitable growth and has customer orientation, digital transformation, excellence in technical management, strengthening of the internal culture and human talent development as its main axes. MAPFRE’s Chairman and CEO also reviewed the 2013-2015 strategic plan, which has been largely achieved, and underscored that during that period the Group paid its shareholders 1 billion 232 million EUR in dividends, resulting in an average yearly return of 12.6 percent considering the dividend received and the average increase in the share price. Moreover, Antonio Huertas reaffirmed MAPFRE’s commitment to the Group’s key strategic objectives for 2016, which focus in the main on achieving a combined ratio below 96 percent, an expense ratio of 28 percent and maintaining a pay-out of over 50 percent.