During the AGM the Accounts for the financial year ended 31 December 2021 and the reports of the Directors and Auditors were approved and a final gross dividend of €0.0304012 per share as recommended by the Board of Directors was declared to shareholders.
CEO Javier Moreno said “ although uncertainty is never good for business, our excellent financial performance reflects the remarkable efforts of all our teams, our intermediaries and our strategic partners.” Premiums written amounted to €405 million, with significant growth in both Long term business and non-life. Profit before tax of €20.4 million was slightly below the exceptional profits in 2020.
Talking about the main highlights in terms of new products, Javier mentioned that in 2021 the company launched the pioneering Electric Vehicle policy, more adaptable and simplified offerings for SMEs, and introduced COVID coverage in their travel policies. He said “without a doubt, MMS has the widest coverage of insurance solutions allowing our intermediaries to always meet the needs of each family and every company.”
The CEO explained that the reinsurance protection offered to the Company by MAPFRE Re, the MAPFRE Group reinsurance company, provides cover for significant losses and ensures that the company’s solvency is not impacted by such occurrences.
During the presentation, Javier Moreno highlighted that MAPFRE MSV Life has achieved a very positive financial result for its policyholders, resulting in the allocation of a Regular Bonus of 2% continuing to offer the widest range of protection, savings and retirement solutions on the market.
He concluded his presentation by saying that MAPFRE is a committed company that is concerned about its social presence and believes that business development also entails a demanding, social, environmental and governance commitment to protect the legacy handed down to our future generations.
Mr José Ramon Alegre, Ms Antoinette Caruana, Dr Gordon Cordina, Mr Martin Galea, Mr José Luis Jiménez, Mr José Maria del Pozo, Mr Etienne Sciberras, Dr Robert Suban and Mr Paul Testaferrata Moroni Viani were appointed as directors on the Board of Directors.
The Chairman thanked Mr Joseph F.X. Zahra, Mr Taddeo Scerri and Mr John Cassar White, who did not seek re-appointment as Directors, for their sterling contribution to the Company.
The appointments of Dr Gordon Cordina, Mr Etienne Sciberras and Dr Robert Suban are subject to regulatory approval and their appointment will become effective from the date of such approval.
At the Board Meeting convened immediately after the Annual General Meeting, Mr Martin Galea was appointed as Chairman of the Board of Directors of MAPFRE Middlesea plc.
MAPFRE refers to MAPFRE Middlesea p.l.c. (C-5553) and MAPFRE MSV Life p.l.c. (C-15722). Both entities are authorised under the Insurance Business Act and are regulated by the Malta Financial Services Authority.