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Mapfre sees revenues up 10 pct in 2011

Source: Reuters - Mon 7th Mar 2011

Chairman of Spain's largest insurer Mapfre Jose Manuel Martinez said on Saturday he expects the group's revenues to rise 10% in 2011 year on year to 22.5 billion euros.

"I forecast that this year will be another good one for Mapfre ... we'll top 2010 revenues and could reach 22.5 billion euros," Jose Manuel Martinez said at the group's shareholders meeting.

The insurer in February reported revenues rose 8.7% in 2010 year on year with a net profit of 934 million euros.

Martinez added that the insurer hoped to reach the milestone of 30 billion euros in the "immediate future", but did not give more details.

Mapfre expects a boost in the first half of this year from an alliance with Banco do Brasil and, in Spain, an agreement with savings bank CatalunyaCaixa as well as the startup of affiliate Verti.

Meanwhile, Spanish savings bank Caja Madrid said on Saturday it was in advanced talks with Mapfre over stakes each holds in a unit of the other.

Under the agreement, Mapfre would take 12.5% of the unit Mapfre Internacional held by the bank, while Caja Madrid would acquire 49% of the unit Banco de Servicios Financieros Caja Madrid held by the insurer.

"The operation does not mean the modification of the alliance between the two groups, maintaining the reciprocal collaboration in their distribution networks," the savings bank said in a statement to the stock market regulator.

Caja Madrid holds a 14.96% stake in Mapfre.

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