Spanish insurer Mapfre made net profit of €775 million ($1.07 billion) last year, up 9.4% from 2015 as business at home and in key markets the US and Brazil picked up.

Overall revenue increased 1.5% to €27.1 billion ($37.5 billion).

Gross written premium (GWP) grew 2.2% to €22.8 billion ($31.6 billion), with the Asia-Pacific region recording a 13.4% rise to €130 million ($180.1 million).

The combined operating ratio improved to 97.4% from 98.6%.