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  13 August 2010First six month result reflects Middlesea’s local market strategic focus “Middlesea Insurance plc continue s to seek consolidation in the Maltese market. The Interim Results of the Middlesea Group reveal that the core operations of Middlesea’s local insurance businesses registered positive results during the first six months of 2010, with the Group result on its refocused core operation returning a profit before taxation of €3.4 million, a significant improvement on the comparative for 2009 on local operations of €0.9 million. The Interim results of the Group reflect a major re-focus of strategy directed at local business following the de-recognition of the Italian subsidiary Progress Assicurazioni SpA in 2009 . The technical results of the holding company generated a positive result of €1.33 million as compared to €1.53 million the previous year, whilst the results of the associate company, Middlesea Valletta Life Assurance Co Ltd, contributed an improved result of €2.6 million during the period, as compared to a loss of €0.3 million in the comparative period for 2009. The Group’s total half year result in 2009 had amounted to a loss after tax of €19 million, whilst the comparative for the 2010 half year amounted to a profit of €3.2 million. Ms Anne Marie Tabone, Chief Operations Officer stated that Middlesea Insurance p.l.c. is going through a period of consolidation and reorganization, and continues to maintain a leading role in the domestic market, with an increased volume of premium written, which generated a satisfactory return to the Group. Middlesea Insurance plc registered an increase in premium written of 3.2% during this reporting period, when compared with the 2009 business written in Malta and Gibraltar. Further strengthening was registered in the gross technical reserves of the company, which increased by 7.4% during the six month period to €57.19 million. The first six months of 2010 saw a very strong performance by the associate Middlesea Valletta Life Assurance Co. Ltd, both in the volume of premium written and its profitability. Middlesea Valletta has seen a sharp rise in total business written from €50.11 million up to June 2009 to €74.19 million in 2010, an increase of 48%. With an investment portfolio in excess of €992 million, the investment return of this company has also reflected the more positive sentiments experienced in the financial markets. The contribution towards the Group’s result for the six months up to 30th June 2010 was a positive €2.61 million, as compared with a loss of €0.32 million for the same period last year. Mr J.F.X.Zahra, Chairman of the Group emphasized that Middlesea will “continue to seek improved profitability over the coming months, in line with the new strategy of focus on the Maltese market as its main core operation”. Despite the current very keen competition within the Maltese insurance market, Mr Zahra said that the Group “looks forward to the further consolidation of Middlesea Insurance plc as the leading provider in the local insurance market, and to providing our policyholders with a range of innovative products together with an improved level of service”. Mr Zahra, underlines the fact that the first six months of the year “have yielded the desired improved results, and we look forward to the next half of the year with cautious optimism, as we seek to provide sustainable results in a market which is cyclical and dependant on the risks necessarily associated with the business of insurance”. Middlesea Insurance 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 COM 120810486 Back > |
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Middlesea Insurance p.l.c. is a company authorised under the Insurance Business Act, 1998 to carry on both Long Term and General Business and is regulated by the Malta Financial Services Authority.Registration Number: C5553. Site concept & internet marketing by NMS Global Ltd. |