Mutua Madrilena wins 59% less impairment until June investees.
Madrid, Aug 6 .- The insurer Mutua Madrilena a profit of 40.2 million euros in the first half of 2010, 59% less than the same period of 2009 after scoring 59 million loss in the value of 5% stake in the builder Sacyr Vallehermoso, nearly a month ago reduced to 1%.
In fact, without regard to the accounting effect of the, earthrise credits, continuing revaluation of their participation in the construction, the insurer would have earned 86.2 million euros, 49.4% more than 57.7 million a year ago , explained in a statement.
The accounting policies required the insurer to-market accounting for its participation in the construction which caused large swings in the income statement of the mutual.
A situation that the president of the, gaia gold, insurer, Ignacio Garralda, defined as "stress accounting."
Regarding the evolution of the business, Mutua Madrilena feature that captures between January and June this year 121 533 new policies, 38.2% more than the same period of 2009, which in net terms is 54 759 more POLICIES.
Thus, the premium income of the company grew for the first time since 2007, in general, fallen earth chips, terms by 4.1% to 595.4 million euros, and only in the auto industry, 3.4%, a development that contrasts with the decline of the rest of the sector.
The significant growth in the auto insurance market, says the company, allowed them to be one of the fastest growing insurance market share so far in 2010, while maintaining the loyalty of its members by 93%.
The company also highlighted the evolution of the fields of home and life, and realize that in the first 20 331 new policies (58% more) and the second, 4607 new business (119% more).
The mutual insurer said the results of its various lines of business (auto, home, life or health) amounted to 45.5 million euros, 37% more than a year earlier, helped by growth in different areas, the control spending and also by the good performance of the accident.
For its part, the solvency ratio in the non-life industry stood at 1875%, almost nineteen times the minimum required by law, which stresses the Mutual European leader in solvency.
The company recalled its 2011 strategic plan does not seek to maximize the margins of the insurer through the mutual but to maintain or reduce costs to be borne by policyholders rates "adjusted" or the inclusion of new services without raising prices.