MAPFRE Middlesea registers a profit before tax of €7.02 million in first six months of 2017
The consolidated MAPFRE Middlesea Group result for the first six months of 2017 amounted to a profit before tax of €7.02 million, compared to €5.67 million registered during the comparative period last year. The profit after tax allocated to shareholders amounted to €3.24 million as compared to €2.17 million in 2016. The increase in profit was derived from improved non-life business and long term business results when compared to previous year.
MAPFRE Middlesea p.l.c.’s (‘the Company’) non-life business has registered a marked recovery in results as actions taken by Management to address the price deficiency in the Motor line of business are showing the desired progress in returning this line of business to being profitable again. The improvement in the technical results was augmented by an increase in investment income derived particularly from the property investment held by the Company.
MAPFRE MSV Life continues to have stable results reflecting the annual management charge on assets under management introduced at the beginning of the previous year which provides stability to the results shielding them from the impact of fluctuations in the financial markets.
Group’s gross premiums written have increased by 8.0% during the first six months of 2017. The growth in General Business turnover of 6.4% was derived from organic growth and Motor tariff increases that mitigated the premium volume lost from a terminated agency agreement. Life premiums written saw a growth of 8.3%. Single premium business remains the driver of such growth as the competitiveness of such product as compared to other available financial instruments in the market induce both existing clients to reinvest matured policies as well as attract new client investment.
The Group continues to strengthen its healthy Solvency position as a result of the attained positive results.
MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority (MFSA) to carry on both Long Term and General Business under the Insurance Business Act, 1998.
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 1998. Both entities are regulated by MFSA.