Translation Results Requested Through Conyac Made Public

The insurance JV that Spanish insurer Mapfre and BB launched earlier this year will deliver more than 20% of the Spanish group's total revenues, Mapfre America VP Rafael Beca Borrego was quoted as saying in the company's internal corporate publication El Mundo de Mapfre.
Beca Borrego did not say as of when the JV would start producing these results. Back in May, Mapfre and BB announced a 20-year dual-holding deal, in which the first holding - called BB Mapfre SH1 - will sell retail, home and rural insurance, and the second - Mapfre BB SH2 - will sell P&C, including auto, but not the products sold by SH1. The executive said that the short-term objective for the group would be to improve profitability, but without affecting customer service. To achieve this objective, Mapfre America will cut expenses, improve efficiency and boost sales while keeping a close eye on cost control, said Beca Borrego.
Mapfre America improved its combined ratio to 100% in the first half this year from 103% in 1H09. Mapfre America contributed 73.9mn euros (US$103mn) to the parent's first half net income of 500mn euros.

Spanish insurer Mapfre plans to have its JV with BB approved by regulators before the end of the year, Mapfre's general manager Esteban Tejera told a conference call. "We know it depends on a resolution from regulators, but we think we will have this authorization in the short term," he said.
In May, BB and Mapfre announced the details of their 20-year partnership, which involves a 295mn reais (US$165mn) payment from BB to Mapfre. The JV will create two separate companies, with one selling retail, home and rural insurance products and the other selling P&C, including auto, but not the products handled by the first.
Earlier this week, Mapfre America VP Rafael Beca Borrego said the JV would deliver more than 20% of the Spanish group's total revenues, but did not say as of when the units would start producing these results.