Metropolitana 2004 net income up 60% on investment gains
Bnamericas Published: Wednesday, March 30, 2005
Mexican insurer Metropolitana said its 2004 profits rose 60% because of higher gains from investments. Earnings came in at 36.4mn pesos (US$3.2mn) compared with 22.7mn pesos the year before, the company told insurance regulator CNSF. Written premiums rose 2% to 892mn pesos, while net financial income was up 76% to 37.1mn pesos. Auto insurance accounted for nearly 79% of Metropolitana's premiums, with life and medical expense lines making up the balance. The company's technical result increased 1% to 87mn pesos due to higher claims and policy acquisition costs. Financial investments increased 13% to 914mn pesos, while technical reserves were up 8% to 736mn pesos.
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