Group revenue in the region exceeded €366 million in 2013.
MAPFRE recently strengthened its presence in South East Asia by acquiring a
20 percent stake in Indonesian insurer ABDA.
MAPFRE aims for total revenue in excess of €30 billion from all countries in
which it operates by 2016.
MAPFRE has been operating in Asia since 1994 and does business in over 30 countries in the region, where it employs more than 1,000 people. In 2013, the Group recorded income from premiums and services of €366 million.
China, with nearly €95 million in premium income, together with Japan, with €61.4 million, represent almost half of MAPFRE’s business in the region, which offers enormous growth potential for the insurance industry as a whole. In addition to these two markets, the group generates significant business volume in the Philippines, where revenue rose to €42.6 million in 2013, and Israel, with over €38 million coming from the reinsurance business.
MAPFRE is now also active in Australasia, where it has a team of 20 employees, and revenue of €33 million.
The group has recently strengthened its operations in South East Asia by acquiring a 20% stake in the Indonesian insurance company Asuransi Bina Dana Arta, (ABDA).
This transaction is proof of MAPFRE’s commitment to the region and strategically positions the company in a market offering significant growth potential.
By region, Latin America generates the most business for MAPFRE (44.3 percent), with income of €9.91 billion, followed by Europe, where revenue rose to €9.85 billion (44 percent of the overall total), and North America which, with €2.21 billion, now represents 10 per cent of the Group’s overall business.
MAPFRE worldwide
Among MAPFRE’s strategic objectives for the next three years are the aim to raise total revenue to over €30 billion, the maintenance of the combined ratio at below 96%, and keeping the dividend return at current levels.
MAPFRE, which operates in 47 countries on five continents, recorded net income of €790.5 million in 2013, 18.7 percent more than the previous year. Revenue rose to €25.89 billion, a rise of 2.3 percent, and premiums grew by 1.2 percent to €21.84 billion.
At the same time, MAPFRE’s net equity amounted to €7.83 billion, an increase of 0.3 percent, and total managed assets rose to €66.05 billion, representing an increase of 2.2 percent over the last twelve months.
MAPFRE is the number one multinational insurance group in Latin America and is among the Top 10 insurance groups in Europe in terms of premium volume, as well as being among the Top 20 Automobile insurance companies in the United States.