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Depreciation of LatAm currencies hits MAPFRE Q1 revenues

MAPFRESA posted first-quarter result attributable to the controllingcompany of €191.7 million, down from €201.4 million in the same period in 2015.

EPS for the period was 6 cents, compared to 7 cents a year earlier.

First-quarter total consolidated revenues amounted to €7.26billion, representing a 3.4% decline on the same period in 2015 mainly due tothe strong depreciation of Latin American currencies, particularly theVenezuelan bolívar and Brazilian real. Consolidated gross written and acceptedpremiums came in at €6.11 billion, unchanged from a year earlier.

MAPFRE said its net result would have grown 6% without theCatalunyaCaixa contribution in the first quarter of 2015.

The company's nonlife business booked a result of €280.2million for the period, compared to the year-ago €293.4 million. Gross writtenand accepted premiums increased year over year to €5.02 billion from €4.92billion. Net claims incurred and variation in other technical provisions camein at €2.43 billion, compared to the year-ago €2.48 billion.

The result from the life business totaled €170.2 million,down from the year-ago €207.5 million. Gross written and accepted premiums inthe business declined on a yearly basis to €1.09 billion from €1.19 billion.Net claims incurred and variation in other technical provisions fell to €951.5million in the first quarter of 2016 from €1.05 billion a year earlier.

The nonlife business' technical result stood at €112.8million, up from the year-ago €41.1 million, while the life business posted atechnical loss of €156.4 million, compared to the year-ago loss of €295.4million.

The combined ratio in the nonlife business was 96.8%,compared to 98.8% a year earlier. The Solvency II ratio stands at 190%.

Additionally, the board approved the appointment of JaimeTamayo Ibáñez as CEO for the international territorial area — North America,Asia and Europe except Spain and Portugal. He will replace Javier Fernández-CidPlañiol, who will retire at year-end. Alfredo Castelo, currently CEO of theglobal risks unit, will succeed Ibáñez as CEO for the North America regionalarea.

Aristóbulo Bausela Sánchez is the new CEO of the LatinAmerican territorial area, replacing Rafael Casas Gutiérrez, who will retire at2016-end. Marcos Eduardo Ferreira, currently CEO of BB MAPFRE SH 2 in Brazil,will succeed Sánchez as the most senior executive in the LatAm south regionalarea. Luis Gutiérrez Mateo, currently the most senior management executive atMAPFRE BHD in the Dominican Republic, will replace Ferreira as head of BBMAPFRE SH2.

The appointments are effective Jan. 1, 2017.