Mapfre’s Latin American operation, Mapfre America, recently announced that its net profits increased 25.0% and its total premiums 20.3% when comparing the first half of 2009 to the first half of 2008. Mapfre America’s net profits for the period totaled 64.4 million euros (US$ 91.9 million), while its premiums for Latin America totaled 2.03 billion euros (US$ 2.88 billion). Mapfre America’s total premiums increased by 40.4% in the life sector (453 million euros/US$ 643 million) and 15.5% in the non-life sector (1.58 billion euros/US$ 2.24 billion).
The company’s total premiums grew by 92.6% in Venezuela (371 million euros/US$ 527 million), 11.3% in Brazil (747 million euros/US$ 1.062 billion), 20.0% in Argentina (194 million euros/US$ 276 million) and 2.9% in Puerto Rico (144 million euros/US$ 205 million), and decreased by 6.0% in Mexico (215 million euros/US$ 306 million). Mapfre America’s total premiums in the remaining Latin American companies grew by 22.2% (357 million euros/US$ 508 million). By comparison, Mapfre’s worldwide total premiums rose 13.3% (8.31 billion euros/US$ 11.83 billion) for the same period and its net profits rose only 0.2% (531 million euros/$US 756 million).
ACE Colombia recently announced that it increased total premiums in the country by 47% in the first quarter of 2009 and has targeted 45-50% premium growth for the year. The company reportedly intends to maintain its current market strategy, under which it does not participate in the large car insurance market and concentrates on accident and health coverage for individuals and property and casualty coverage for the commercial sector.