May 05, 2010

MAPFRE INCREASED REVENUES 8.9% (5,892.4 MILLION EUROS) IN THE FIRST QUARTER

NET ATTRIBUTABLE RESULT AMOUNTED TO 273.1 MILLION EUROS

- The recovery in sales in Spain as well as the international and reinsurance businesses drive the growth in revenues

- The net result of the insurance business grow 11.1%

- Equity has increased 262.3 million euros

MAPFRE achieved in the first quarter of the year a net attributable result of 273.1 euros million, 4.8% less than in the same period of the previous year, as the extraordinary results obtained in 2009 by the Group's parent holding company were not repeated. However, the net result of the insurance business grew 11.1%, despite the impact of Chile's earthquake, the effect of which on the Group's accounts amounts to 80.8 euros million, and the high loss experience as a result of the severe weather conditions in Spain and in the USA.

Revenues (5,892.4 million euros) exceeded 8.9% those from the prior year quarter. Direct insurance and accepted reinsurance premiums amounted to 4,935.3 million euros, a 9.6% rise. Moreover, the Group's equity increased over 262 million euros (3.7%).

Business development in Spain:

In Spain, total premiums from Direct Insurance and Accepted Reinsurance amounted to 2,641.3 million euros, an increase of 9.8%, versus a decline of the sector of 3.75%.

- Premiums at MAPFRE FAMILIAR have exceeded 1,474.9 million euros. Excluding the Health business from the civil servants¿ mutual purchasing associations, which was deliberately not renewed in 2010, premiums have increased 1.8%; the growth of the Motor insurance (+0.2% compared to the 1.7% decline for the sector) and Home insurance (+4.5%) should be underscored.

- Life Assurance premiums have increased 61.5% to 942.4 million euros, while technical reserves grew 4.6%, to 16,474 million euros. Mutual funds have recorded an increase of 12.1%, while pension funds under management have risen 13.8%.

- Premiums from Commercial Insurance, including Global risks, reached 475 million euros, a figure similar to that recorded in 2009.

Business development abroad:

The international business, which represents 49.4% of the Group¿s total premiums, has grown 10.7%, reaching 2,577.4 million euros.

- Premiums at MAPFRE AMÉRICA, which include the operations from GRUPO 1st MUNDIAL since January, have exceeded 1,144.4 million euros, a 14% rise compared to the first quarter of 2009, with noteworthy growth in Brazil and Colombia.

- Premiums at MAPFRE INTERNACIONAL (USA, Portugal, Turkey and The Philippines) reached 457.2 million euros, a 4.1% decline due to a less favourable EUR/USD exchange rate than in the same quarter of previous year.

- Premiums at MAPFRE GLOBAL RISKS have increased 9.4%, to 251.3 million euros, reflecting the strong growth of the Property, Engineering and Aviation lines.

- Accepted premiums at MAPFRE RE have exceeded 615.2 million euros, an increase of 18.4%.

- The revenues (premiums and income from the sale of services) of the Assistance business have grown 8.4% to 142.3 million euros.