MAPFRE, the international insurance group with its head office in Madrid and which holds a majority share in Middlesea Insurance, has registered an increase in net results of 3.2 per cent for the last financial year.

The group’s premiums increased 15.5 per cent in 2011, to €19,600.2 million, a growth above the average in most of the markets in which it operates. Group Equity increased by 24.8 per cent to €9,727 million. The international business contributed 60 per cent of the group’s revenues and 45 per cent of results.

In 2011, MAPFRE acquired a majority shareholding in Middlesea Insurance, which became a member of the MAPFRE Group in MAPFRE’s international business division.

MAPFRE Chairman, José Manuel Martínez, presented the group’s 2011 results, reporting an increase in revenues of 14.9 per cent, up to €23,530.3 million, due to the favourable development of the domestic business, with significant growth in Life Assurance and Home lines and a performance considerably above the market average in Motor Insurance, as well as the excellent development of the international business, which experienced a premiums growth of 21 per cent.

The group’s attributable result grew 3.2 per cent, to €963 million, and consolidated insurance and accepted reinsurance premiums reached €19,600 million, a 15.5 per cent rise. The group’s equity in 2011 grew in excess of €1,900 million and debt levels were reduced by €207 million. Furthermore, MAPFRE has increased the returns on its insurance business by 7.3 per cent, despite the fact that 2011 was characterised by a large number of natural catastrophes. These results, obtained in an extremely complex economic context, reflect the group’s financial strength, the success of its international diversification and its sensible management approach.

Likewise, in 2011, MAPFRE further redefined its structures in order to keep on growing and make the most of synergies to increase its efficiency. Accordingly, it has approved a new operational structure in Spain, which 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.