Seguros BBVA 2004 earnings up 45%

Mexican insurer Seguros BBVA Bancomer, a subsidiary of the country's top banking group BBVA Bancomer, said its profits rose 45% in 2004 because of higher premiums and a drop in operating costs. Profits were 564mn pesos (US$50.4mn) compared with 390mn pesos the previous year, the company told insurance regulator CNSF. Written premiums increased 16% to 3.6bn pesos, while net financial income rose 5% to 184mn pesos. The company's technical result rose 22% to 810mn pesos. Operating costs fell 45% to 138mn pesos. The company's financial investments grew 15% to 3.5bn pesos, while its technical reserves increased 19% to 2.8bn pesos. Seguros BBVA Bancomer provides mainly life, auto, and catastrophic risk coverage.