19 May 2014
The following is a Company Announcement issued by Middlesea Insurance p.l.c., pursuant to the Listing Rules of the Malta Financial Services Authority.
The Board of Directors of Middlesea Insurance p.l.c. hereby announces that the first quarter of 2014 has been characterised by a very satisfactory increase in the Group’s non-life and life premium volumes and revenues, following a year which in itself was a remarkable one in terms of revenue growth. Performance by the Group’s investment portfolios, though positive, saw a sharp drop compared to the outstanding performance during the comparative quarter of 2013, following modest returns on the international markets and a negative performance by the MSE index during March. Good technical results have been achieved and the Board is confident that these will be maintained as the year develops with Group profits remaining susceptible to financial markets movements.
The statutory solvency position of Middlesea Insurance p.l.c., remains at the levels of December 2013 and well in excess of the regulatory requirements.
The Group enhanced the service given to its clients with the recent opening of its new Regional Office in B’Kara. It continues to work on new innovative products to boost its reputation and penetrate further, in the local insurance market, focusing on giving a better experience to its clients and further strengthen its shareholders’ wealth.
No other material events and/or transactions have been noted.
By Order of the Board