MADRID--(BUSINESS WIRE)--MAPFRE's business in North America (Canada, the United States and Puerto Rico) now represents 10 percent of the Group's premiums and revenue. In 2013, MAPFRE's revenue in the region rose to more than $2.9 billion, an increase of 3 percent over the prior year.
Most notable was MAPFRE’s performance in the United States, where revenue increased by 6.4 percent to nearly $2.5 billion. In addition to Massachusetts, where MAPFRE is the largest writer of private passenger automobile and homeowners’ insurance, MAPFRE writes insurance in 15 other states, representing 24.6% of the Group’s business in the U.S. Forecasts indicate significant revenue growth in the United States, the world's largest insurance market, where MAPFRE has implemented an ambitious plan for organic growth, including, among other initiatives, the expected launch of life insurance products in the second quarter of 2014 and the entry of MAPFRE into the insurance market in Pennsylvania. In the United States, MAPFRE is ranked among the top 20 private passenger automobile insurance companies by A.M. Best Company.
In Puerto Rico, premiums and revenue reached nearly $423.5 million in 2013. In Canada, where MAPFRE is engaged in the reinsurance and roadside assistance business, revenue rose to nearly $26.2 million.
The Group, which has been operating in Puerto Rico since 1989, employs some 4,200 people in the United States, Puerto Rico, and Canada. MAPFRE strengthened its commitment to the United States in 2008 through the acquisition of The Commerce Group Inc., the market leader in the automobile and homeowners’ insurance in Massachusetts, with market shares in 2013 of approximately 27% and 12%, respectively.
By region, Latin America generates the most business for MAPFRE (44.3 percent), with income of nearly $13.18 billion, followed by Europe, where revenue has risen to nearly $13.10 billion (44 percent of total revenue).
Among MAPFRE’s strategic objectives for the next three years are increasing total revenue to more than €30 billion, maintaining a combined ratio below 96%, and continuing to pay dividends to shareholders at current levels.
MAPFRE, which operates in 47 countries on five continents, recorded net income of nearly $1.05 billion in 2013, an 18.7 percent increase over 2012. Revenue rose to nearly $34.4 billion, an increase of 2.3 percent over 2012, and premiums grew by 1.2 percent to more than $29.94 billion.
At the same time, MAPFRE's net equity amounted to nearly $10.4 billion, an increase of 0.3 percent over 2012, and total managed assets rose to more than $87.8 billion, representing an increase of 2.2 percent over the prior twelve months.
MAPFRE is the number one multinational insurance group in Latin America and among the Top 10 insurance groups in Europe in terms of premium volume.
MAPFRE is a global insurance group present in 47 countries across five continents. It is the leader in the Spanish market, the largest multinational insurer in Latin America and among the top 10 European insurance companies by premium volume. MAPFRE employs more than 36,000 people and has over 23 million customers worldwide.