Brazilian insurer Marítima Group increased premiums 12.7% in 2012 to approximately 1.7 bn reais (US$856mn) fueled by market share gains in regions such as the northeast and south of the country, the company said in a statement.
The group said it saw 28.1mn reais in net income, with US$1.7bn in total assets at the end of last year, but did not provide a comparison figure.
The auto insurance portfolio grew 15.8% in 2012 to 559mn reais in net written premiums and over 353,000 policies issued.
In the life and health segment, the company reached a total of 84.4mn in net premiums written, 15.9% higher than in 201
In casualty, Marítima posted an 8.3% increase to 544mn reais in net premiums written, and approximately 350,000 policies issued. Some of the largest portfolios of growth were rural bond insurances (22.6%), agricultural products insurances (13.7%) and business insurances (11.4%).
The health insurance unit Marítima Saúde saw net written premiums increase by 14.8% to 442mn reais in 2012 from 385mn in the previous year.
In January 2013, Japanese insurance group Sompo acquired control of Marítima through its Brazilian unit Yasuda Seguros. Both companies will continue with independent operations. Marítima will focus on the mass-market segment and Yasuda, corporate business.
Marítima offers a range of life and nonlife products and is one of the largest non-bank controlled insurance groups in Brazil.