Mapfre profits up in first half

MADRID, Spain— Profits at Spanish insurer Mapfre S.A. rose 11.7% in the first half, to reach €335.6 million.

The Madrid-based insurer and reinsurer wrote non-life gross premiums of €5 billion, an increase of 5.7% from the first six months of 2006. Life premiums were up 10.3% to €1.4 billion.

Mapfre said in a statement that net results in its commercial insurance operating unit rose 29.5% to €54.4 million, reflecting growth in insurance sales to small and medium-sized enterprises in the domestic market, a significant expansion of its global risks business and a favorable performance in credit and surety business.