BN Americas reports that Mapfre America, Mapfre’s Latin American subsidiary, achieved net profits of US$ 39.4 million in the first quarter of 2009, an increase of 49.7% over the first quarter of 2008. Mapfre’s worldwide net profits reportedly increased only 0.2% for the same period, demonstrating the important role of Latin America in driving Mapfre’s growth in business volume and profits.
Two aspects of the report were particularly notable:
- Total premiums for Latin America were up 25.8%, with significant growth in both the life (49.6%) and non-life (20.1%) sectors.
- Although the premium growth was led by gains in Venezuela (105%), Argentina (27.4%) and Brazil (9.3%), total premiums also grew significantly in Mexico (7.7), Puerto Rico (8.9%) and the remaining countries in the region (30.9%).
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