middlesea financial results 2015

MAPFRE Middlesea registers profit before tax of €17.84 million for 2015

The Board of Directors of MAPFRE Middlesea p.l.c has announced that the Total Group profit before tax for the year 2015 amounted to €17.84 million (2014: €17.31 million) with after tax profits at €11.87 million (2014: €12.37 million).
The standalone Company registered a satisfactory technical result on its operations in a year characterised by the portfolio transfer from Allcare Insurance Limited. The increase in new business during the year buoyed by the portfolio transfer saw core business premium volumes increasing by 38.3% projecting Mapfre Middlesea p.l.c. as outright leader in the non-life market. With a lower dividend from Group companies, amounting to €2.84 million compared to €3.60 million in 2014, the Company registered a profit before tax for FY 2015 amounting to €5.07 million, compared to a profit of €6.38 million in FY 2014. Profit after tax increased from €4.28 million in FY 2014 to €4.64 million in FY 2015 as the dividend received from MSV Life p.l.c.(‘MSV’) was paid from untaxed profits whilst in FY 2014 it was entirely from taxed profits.

The Group’s results include the consolidated MSV profit before tax of €15.58 million (2014: €14.26 million). MSV reported a turnover (including investment contracts without DPF) of €224.46 million compared to €156.05 million in 2014 as a result of increases in demand across all products in particular the life protection business and single premium savings contracts. The resilience and upturn in equity and bond markets produced strong returns albeit lower than those registered in 2014 with net investment income decreasing from €119.38 million in 2014 to €91.17 million in 2015.

Total Group capital and reserves attributable to shareholders (excluding non-controlling interests) at 31 December 2015 was €82.30 million, compared to €80.13 million as at 31 December 2014.

During the year the Company consolidated its strong balance sheet, increasing its Shareholders’ equity to € 62.86 million, still maintaining a strong regulatory solvency position as at 31 December 2015 of 284% on its general business, when compared to the minimum regulatory requirement of 150%.
A gross dividend in respect of the year ended 31 December 2015 of €0.05605 per share amounting to a total dividend of €5,156,715 (2014: €4,716,890) is to be proposed by the directors at the forthcoming annual general meeting. This is equivalent to a net dividend of €0.03826 per share amounting to a total net dividend of €3,520,000 (2014: €3,520,000)
The Board expresses its satisfaction for the results obtained in 2015. Backed by the strong Mapfre brand name and increasing portfolio, the Board, whilst aware of the challenges in the markets the Group operates in looks forward with optimism to 2016.
Mapfre Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, 1998.
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