Mapfre reports rise of 11.5% in Q1 revenues

Mapfre reported revenues of €6,835m in the first quarter of 2011, citing "sustained growth of the international business" for the 11.5% rise.

Recurring results grew 3.7% to €250.7m, reflecting the performance of the non-life businesses (+18.4%), the recurring result in the international business and the lower impact of catastrophe-related losses.

The group's gross written premiums exceeded €5,890m, a 15.1% increase. Non-life business (€4,386m) grew 11.4% and life assurance 27.6% (€1,508m).

The domestic division, which contributes 38.2% of the group's total premiums from direct insurance and accepted reinsurance, posted a 3.7% reduction in GWP to €2,387.3m.

Non-Life GWP decreased by 3.5% to just over €1,623m.

Positive performance was seen in the home insurance segment which increased 3.4%. The motor business recorded a 3.1% decline. Commercial insurance business grew 2%, to €217.2m.

International insurance GWP grew by 41.6% to €2,653m. In the US, Philippines, Malta, Portugal and Turkey GWP reached €559.5m, a 14.2% rise. Premiums in Turkey alone reached €107m, a 39.3% rise.

Global business, which includes Mapfre's reinsurance, global risks and assistance businesses, achieved premiums and operating revenues of €1,246m, an increase of 12.6%.