Mapfre’s Huertas Expects Sales to Rise 6% to More Than $32 Billion in 2012

Mapfre SA (MAP) predicts revenue will exceed 25 billion euros ($32.8 billion) in 2012, an increase of more than 6 percent, as Spain’s biggest insurer grows abroad, Chairman Antonio Huertas said.

International business “will play a relevant role in this growth, although in Spain we also expect to obtain good revenue figures,” Huertas said in a speech to shareholders in Madrid today.

The previous chairman, Jose Manuel Martinez, who stood down at today’s shareholders meeting, led a drive for growth at Mapfre, setting up a joint venture with Brazil’s biggest bank, Banco do Brasil SA, and pushed through acquisitions including the $2.2 billion purchase of Commerce Group Inc. in the U.S.

Huertas said today he would seek growth opportunities in southeast Asia and eastern Europe.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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