MAPFRE North American profits up in 2014
MAPFRE North America recorded premiums of $2.77 billion in 2014, up 4.5 percent from the previous year, the company reported Wednesday.
Profits were $130 million. The North American region, which includes Webster-based MAPFRE U.S.A. Corp., accounts for 8.8 percent of the premiums and 7 percent of profits for MAPFRE, headquartered in Spain.
The statement from the company said the results were driven by strong performances in the personal automobile and homeowners’ insurance lines.
Revenues for MAPFRE North America were $34.8 billion in 2014, a rise of 1.8 percent from 2013, with premiums growing 2.6 percent, to nearly $29.5 billion.
In 2014, MAPFRE paid total cash dividends of $568 million to its shareholders, which represents a return of 4.7 percent.
Since January 1, 2014, MAPFRE has been structured into nine global corporate areas, four business units, three territorial areas and seven regional areas. “One year after its implementation, MAPFRE’s new organizational structure has clearly grown into itself very comfortably and continues to impact positively both on business growth and cost control and reduction,” the statement said.
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