The Board of Directors of MAPFRE Middlesea p.l.c., approved the unaudited financial statements of the Group for the financial half year ended 30 June 2019.
The consolidated MAPFRE Middlesea Group registered a profit before tax for the first six months of 2019 of €9.83 million, compared to €9.02 million registered during the comparative period last year. The profit after tax and minority interests, allocated to shareholders, amounted to €4.31 million as compared to €3.77 million in 2018. The increase in profit was derived from improved non-life business results with the long-term business result marginally lower when compared to previous year.
MAPFRE Middlesea p.l.c. has registered a marked improvement in technical results compared to the previous year both in premium written and combined ratios. Results remain however susceptible to the volatility caused by large event or risk losses which materially impact such results.
MAPFRE MSV Life p.l.c. continues to have stable results reflecting the annual management charge on assets under management which provides stability to the results shielding them from the impact of fluctuations in the financial markets. The unrealised capital losses incurred in 2018 have been recovered with rallying markets leading to strong investments yield being attained during the first half year.
Group’s gross premiums written have decreased by 4.6% during the first six months of 2019. General Business turnover increased by 6.1% notwithstanding tough market competition, and was derived from organic growth. Life premium written reduced by 6.7% when compared to the previous year with Single premium business remaining the largest source, with reinvestment rates remaining satisfactory, however reducing due to lower new business sales.
The Group continues to maintain its healthy Solvency position as a result of the attained positive results and remains focusing on its strategic actions to continue delivering improved results to its shareholders whilst improving efficiency and client satisfaction in line with its mission of being the most trusted insurer. In line with Company policy, the Board of Directors do not propose to pay an interim dividend for the half year ended 30 June 2019 (2018 – nil).
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, Cap 403 of the Laws of Malta.
MAPFRE MSV Life p.l.c (C-15722) is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta.
Both entities are regulated by the MFSA.