31st October 2022
As a result of the continued significant and sustained fall in values across the mainstream asset classes over 2022 and the prevailing market uncertainty, the Board of Directors of MAPFRE MSV Life has approved changes to the Final Bonuses payable on maturing With Profits policies.
With effect from the 18th November 2022, the Final Bonuses declared by the Board on the 18th March 2022 and announced in our Media Release of the 24th March 2022 will be withdrawn and, in certain instances, replaced by a lower final bonus scale varying by product group and premium frequency.
In this regard, unless at any time between the 18th November 2022 and 31st March 2023 the Final Bonus rates are changed or are withdrawn by the Company, as above-mentioned, the following schedule of Final Bonus rates will be paid in accordance with the terms and conditions of the relevant plan:
Final Bonuses are not guaranteed and can be changed at any time in order to ensure that pay-outs of groups of similar policies fairly reflect their participation in the net returns of the With-Profits Fund while they are invested.
Since Final Bonuses are likely to be highly volatile and very dependent on the investment performance of the With Profits Fund, the Company is under no obligation to pay such declared Final Bonus. Whether said final bonus is paid or not shall be determined by the Company upon the date of maturity of the plan or in the event of the payment of the death benefit.
MAPFRE MSV Life will continue to review its final bonus rates regularly so as to respond to changing market conditions.
Etienne Sciberras
Chief Executive Officer
MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority (MFSA) to carry on long term business under the Insurance Business Act. MAPFRE MSV Life p.l.c. is regulated by the MFSA.
