Changes to Final Bonuses payable on maturing With Profits policies

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Bonuses declared by the Board on the 18th March 2022 and announced in our Media Release of the 24th March 2022 will be withdrawn and, in certain instances, replaced by a lower final bonus scale varying by product group and premium frequency.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regard, unless at any time between the 18th November 2022 and 31st March 2023 the Final Bonus rates are changed or are withdrawn by the Company, as above-mentioned, the following schedule of Final Bonus rates will be paid in accordance with the terms and conditions of the relevant plan:

Contract Type
Percentages apply to the eligible policy accounts at date of maturity or earlier death.
Flat Rate %Rate per year In Force greater than 10 years % (or 25 years)
Single Premium Plan (SPP)

(Initial Contribution made more than 10 years prior to date of maturity or death)
5.0%0.00%
Single Premium Plan (SPP) Additional Top Up Single Premiums

(Where additional top up was invested more than 10 years prior to date of maturity or death)
5.0%0.00%
Comprehensive Life Plan (Single Premium) (CLPSP)

Initial Contribution made more than 10 years prior to date of maturity or death)
5.0%1.25% (>10 years)
Comprehensive Life Plan (Regular Premium) (CLPRP)

(Policies in force more than 25 years prior to date of maturity or death)
0.0%1.00% (>25 years)
Comprehensive Life Plan (Additional Single Premium Top Up Premiums on above plans)

(Where additional top up was invested more than 10 years prior to date of maturity or death)
5.0%1.25% (>10 years)
Comprehensive Flexi Plan (Single Premium) (CFPSP)

(Initial Contribution made more than 10 years prior to date of maturity or death)
0.0%1.25% (>10 years)
Comprehensive Flexi Plan (Regular Premium) (CFPRP)

(Policies in force more than 10 years prior to date of maturity or death)
0.0%0.0%
Comprehensive Flexi Plan (Additional Top Up Single Premiums on above plans)

(Where additional top up was invested more than 10 years prior to date of maturity or death)
0.0%1.25% (>10 years)

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.

The Importance of Regularly Revising Your Insured Amounts

The Importance of Regularly Revising Your Insured Amounts

In the ever-changing landscape of the insurance world, ensuring that your sums insured are up to date is paramount to safeguarding your financial well-being in case of unexpected events. At MAPFRE Insurance Malta, we understand the significance of revising your sums...

read more
Charting Your Financial Course: The Importance of Budgeting

Charting Your Financial Course: The Importance of Budgeting

Embarking on the journey towards financial well-being is similar to setting sail into uncharted waters. To navigate these seas successfully, one must first secure a sturdy financial vessel – a well-constructed budget. In this article, we'll delve into the profound...

read more