Spanish insurer Mapfre will analyse the opportunity presented by Dutch bancassuer ING's decision to split off its insurance business but has no immediate acquisition plans, its managing director said on Monday.

We have just heard about ING's decision and we need to analyse it. But we have sufficient organic growth potential for us not to need to make any immediate acquisitions, Managing Director Esteban Tejera told analysts during a conference call on nine-months results.

ING said on Monday that it would split into a banking unit and an insurance arm, and would launch a 7.5 bilion euro rights issue to repay some of its state aid.

Mapfre will be focusing on organic growth in its core markets, including Spain, the United States and Latin America, Tejera said.

Last year, Mapfre bought U.S. insurance company Commerce Group which was one of the main revenues driver in nine months results.

Total revenues grew 9.9 percent to 14.35 billion euros in the nine-month period from a year earlier, with premium revenues rising 11.6 percent.

Net profit rose 3.9 percent to 743.4 million euros.

Mapfre is targeting 2009 revenues of around 18.5 billion euros.

Mapfre ended the day down 3.64 percent at 3.20 euros, compared with a 4.11 percent drop on the DJ STOXX European insurance index .SXIP.

($1=.6650 Euro)

(Reporting by Judy MacInnes and Paul Day; editing by Karen Foster)