Adjustments in Market Value Reduction

With effect from 8^th April 2024, MAPFRE MSV Life (MMSV) has adjusted the level of Market Value Reduction (MVR) on With Profits surrender transactions.

The application of a Market Value Reduction became necessary in August 2022 due to the significant fall in the values across the mainstream asset classes during the first half of 2022 and prevailing market uncertainty.

MAPFRE MSV Life has regularly reviewed market performance affecting the MMSV With Profits (WP) Fund to monitor the ongoing appropriateness of MVRs. Adjustments were made in August 2023 following a market upturn, and given the more recent improvements in the returns on the WP Fund and relatively stable volatility outlook, MMSV is, once again adjusting the level of MVR applied.

MVRs remain completely removed on the Comprehensive Life Plan (Regular Premium).
MVRs have been removed on Single Premium Plans and top-up contributions, which have been inforce for at least 10 years, as well as those single premium contracts and top ups that have been in force for less than 2 years.
MVRs remain removed on the other regular premium plans which have been in force for at least 11 years.
Reduced MVRs have been applied on the remaining plans.

The MMSV With Profits Fund is invested in a diversified range of assets including mainstream equities, fixed interest and property assets. In 2023, mainstream asset classes in investment portfolios, namely fixed income and equities, contributed positively towards investment returns. Equities recovered from their 2022 lows, mainly driven by better than expected economic readings, interest rate cuts expectations and positive market sentiment underpinned by technological innovation. Notwithstanding the positive performance, fixed income asset prices have still not recovered from the significant fall suffered in 2022.

We will continue to monitor financial markets and their impact on the MMSV With Profits Fund and will update MVR accordingly to maintain fairness between the policyholders who leave their policy in force until maturity and those who choose to surrender their policy prior to the policy maturity date.

Etienne Sciberras

Chief Executive Officer

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