Mapfre Q1 net 169.7 mln eur vs 154.9 mln, high end of forecasts UPDATE |
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Published
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Thu, 26 Apr 2007 15:14
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(Updates with more detail)MADRID (Thomson Financial) - Mapfre SA said it posted a net profit of 169.7 mln eur in the first quarter to March at the high end of analysts' expectations of between 157-170 mln, as strong growth in international businesses offset a tough Spanish market.In a statement, the insurance group said total premiums at its Spanish businesses fell 1 pct year-on-year to 2.372 bln eur, mostly due to a slowing property market which impacted home insurance.Life insurance premiums were hit due to a new tax regime on investment returns and higher short-term interest rates impacting the market for long-term savings products.But total consolidated premiums at businesses outside Spain were up 9.8 pct to 1.016 bln eur, though dollar weakness trimmed gains from Mapfre's LatAm business.The company said total revenues were up 1.3 pct year-on-year to 3.994 bln eur, of which 3.388 bln were attributed to insurance and reinsurance premiums.The results are the first earnings from the company since its corporate restructuring in late 2006.The first quarter reporting saw a run of corporate activity including the acquisition of 80 pct of Turkish insurer Genel Sigorta for 285 mln eur and an agreement with Banco Bilbao Vizcaya Argentaria SA to sell car insurance through the bank.Most recently Mapfre bought a 50 pct share of Bankinter SA's life insurance business for 197.2 mln eur as part of a joint venture.tfn.europemadrid@thomson.comcve/amb/cve/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Mapfre to buy 50 pct of Bankinter life insurance ops for 197.2 mln eur 