Mutual insurers outperform listed rivals

Europe

Spanish mutual insurers recorded underwriting profits of 14.5% at September 30 2007, on earned premiums and retained business, against 9.6% of commercial insurers, according to figures released by ICEA. All insurers showed their best results in auto business, with 14.2% and 13% underwriting profits for mutual and commercial companies, respectively. According to ICEA, commercial insurers accounted for 93% of overall premium income (45% of which was life) at September 30, 2007 against 7% of mutual insurers (62.1% represented by auto business). Separately, ICEA also reported that insurers - listed and mutual – ceded €3.9bn (US$5.7bn) in premiums during the first three quarters of 2007, a 17% increase against the same period in 2006.