MAPFRE Middlesea holds AGM
- · Reports steady growth and increase in market share
MAPFRE Middlesea held its 35th Annual General Meeting (AGM) on the 22nd of April at the Corinthia San Gorg, St Julians. Around 250 shareholders attended the meeting, during which the results of the Group were highlighted.
“2015 has proved to be a satisfactory year for MAPFRE Middlesea, despite the volatility of the international markets and the prevailing low interest rates. Premium growth in both MAPFRE Middlesea p.l.c. as well as at MSV Life p.l.c. have been extraordinarily strong.” Chairman Martin Galea said in his address.
Mr Galea explained that much of the growth at MAPFRE Middlesea has been through the aquisition of the Allcare Insurance Limited portfolio and the appointment of a new agent, however, an organic growth of 16.8% was also reported.
“Our obligations are due to the ultimate customer whose risks we underwrite in an increasingly competitive market. We will use 2016 to consolidate the considerable gains we have made in premium sales by ensuring that we offer an improved service to all our customers,” the Chairman said, emphasising the company’s committment to its customers and shareholders.
Mr Galea explained that through MAPFRE, the Group was able to tap into resources that help strenghten its expertise, knowledge, technology and internal culture. Through Fundacion MAPFRE, the Group managed to keep working within the community, with a healthy living campaign being renewed for the _ time and the road safety campaign being renewed for the third time.
The Annual General Meeting was also addressed by Felipe Navarro, President and CEO or MAPFRE Middlesea, who was appointed towards the end of last year. Mr Navarro highlighted that 2015 has been a year of growth and transformation for the Group, with consolidated market shares putting it at the forefront of both life and non-life business. MSV’s gross premium written has reached €220.75 million, an increase of 44.8% over the previous year while the total gross premium for MAPFRE Middlesea has been €48.77 million with a 38.3% growth.
Mr Navarro expressed his optimism for new and increased opportunities in the local market. The Company also wants to be able to put the customer seeking insurance at the centre of its activity, and transfer the concept from simple compensation towards providing service as added value. In the coming years, the digital transformation must be a reality,” he said.
The CEO said that company will continue to assist on multi-channel approach, providing an efficient and valuable service to the client, irrelevant of the channel used. He explained that governance, regulations and subsidiaires of the company have continued to be strengtened. “ During the upcoming years, we will focus on the four pillars - client orientation, excellence in technical management, digital transformation and our culture and human talent,” he said.
During the AGM, all ordinary and extraordinary resolutions were approved.
Further information on the Group’s financial results can be obtained from Mapfre Middlesea's website www.middlesea.com.
MAPFRE Middlesea (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.