Mundial sees profits fall to US$2.19mn

Net income of Panamanian insurer Aseguradora Mundial fell to US$2.19mn this year through September, compared to US$2.22mn during the same year-ago period, local daily La Prensa reported. A stagnant local insurance market prompted Aseguradora Mundial to take steps to reduce its level of claims as well as operational expenses, the insurer's CEO Juan Luis Chevalier was quoted as saying. "We have introduced new dynamics targeted toward our business operations and we are continuing to a reconstruct our administrative platform which is focused on achieving our proposed profitability," Chevalier added. In October this year, international insurance rater A.M. Best affirmed its financial strength rating on Aseguradora Mundial at BB+ (considered very good), basing its positive rating on the insurer's capital structure, financial strength and growth potential. Aseguradora Mundial is also analyzing a capitalization plan as part of an ongoing process to boost the company's value, Chevalier added.