Skip to Content

MAPFRE Middlesea holds Annual General Meeting

AGM 2019
He told shareholders that the company will be paying a dividend of €9.00 million compared to last year’s €9.7 million. He also reported that the company’s solvency and liquidity position remain very strong and all stakeholders can be confident that the company is in a good financial position.
 
The Chairman reported that during the last 18 months the board of directors  have been reviewing the capital requirements of MAPFRE MSV Life, the Life insurance subsidiary of MAPFRE Middlesea which is owned jointly with Bank of Valletta and It was determined that the company had excess capital and a decision was taken to distribute a special dividend. This dividend received in March 2019 will be distributed to the Company’s shareholders as a special interim dividend together with the ordinary final dividend.
 
Mr Galea said that as far as the operations of the company are concerned, MAPFRE Middlesea continues to perform well, in spite of very high claims. 2018 was a record year in claims.  Mr Galea reported that €42.30m in claims were incurred during the year. He commented “This is our business. We take on the risks of our customers and pay the claim out when adverse circumstances occur. The client is helped when he needs it, and would otherwise face financial hardship be it through accident, weather or health. We managed to maintain our profitabilty as we reinsure risks when our risk profile is exceeded. In this way we were able to contain the claims incurred and and indeed protect our profitability.”
 
President and CEO Felipe Navarro presented a full financial and operational report. He said that the company continues to invest in staff, Governance as well as IT. 
MAPFRE MSV Life continues to show record results primarily through sales of single premium investments. The company was able to maintain a relatively good return for its investors compared to the market,  at a maximum 2.35% in spite of the prevailing economic situation which militates against safer return seeking investments. The low interest rate scenario continues and presents a challenge to the company, indeed to all investors at this time. 
 
MAPFRE Internacional SA owns 54.56% of the Company thus, in effect, MAPFRE Middlesea plc and MAPFRE MSV Life plc are both subsidiaries of the MAPFRE Group. Being part of a global international insurance group means that both entities obtain great support and expertise in a number of areas. This would include training, technical support on underwriting and reserving, increased oversight and controls, technical actuarial assistance as well as assistance in dealing with new regulations especially with regard to Solvency II.
Bank of Valletta own 31.08% of MAPFRE Middlesea and they are significant Shareholders in MAPFRE MSV Life with 50%. 
 
During the AGM, the Shareholders considered and approved the ordinary and extraordinary resolutions including the payment of a final net dividend of €0.0978261 and a net extraordinary interim dividend of €0.0869565 per share.
At the Board Meeting convened immediately after the Annual General Meeting, Mr Martin Galea was appointed as Chairman of the Board of Directors of MAPFRE Middlesea plc. The Board of Directors, during the said Board meeting, also re-confirmed and co-opted Mr Nikolaos Antimissaris, from MAPFRE, as a non- Executive Director in accordance with the Articles of Association of the Company and appointed Dr Daphne Sims Dodebier as the new Company Secretary to replace Mr Carlo Farrugia who tendered his resignation.
 
MAPFRE Middlesea p.l.c. (C-5553) and MAPFRE MSV Life p.l.c. (C-15722) are authorised under the Insurance Business Act, Cap 403 of the Laws of Malta. Both entities are regulated by the MFSA.
   


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 


Laqgħa Ġenerali Annwali għal MAPFRE Middlesea
 
Il-President ta’ MAPFRE Middlesea Martin Galea irraporta sena oħra ta’suċċess għall-kumpanija, matul il-Laqgħa Ġenerali Anwali li saret fl-aħħar ta’ April. Huwa ħabbar lill-azzjonisti li l-kumpanija se tħallas dividend ta’ €9 miljun, meta mqabbla ma’ € 9.7 miljun tas-sena l-oħra. Huwa rraporta wkoll li l-pożizzjoni tas-solvibbiltà u l-likwidità tal-kumpanija għada b’saħħitha u kull stakeholder huwa kunfidenti li l-kumpanija tinsab finanzjarjament tajba.
 
Il-President irapporta li matul l-aħħar 18-il xahar, il-bord tad-diretturi irreveda l-ħtiġijiet kapitali ta’ MAPFRE MSV Life, sussidjarja ta’ MAPFRE Middlesea, li hija wkoll proprjetà tal-Bank of Valletta. Kien deċiż li minħabba li kien hemm kapital eċċessiv, jitqassam dividend speċjali lill-azzjonisti. Dan id-dividend se jitqassam flimkien mad-divident ordinarju.
 
Dwar l-operat tal-kumpanija, is-Sur Galea qal li l-kumpanija MAPFRE Middlesea qed topera b’mod sew, minkejja claims għoljin ħafna u sena rekord f’reġistrazzjonijiet ta’ claims. Fl-2018, saru €42.30 f’ claims. “Din hija n-natura tan-negozju tagħna. Aħna nieħdu r-riskji tal-klijenti tagħna u nħallsu t-talba tagħhom meta jkun hemm bżonn. Il-klijent huwa megħjun meta jkun jeħtieġ, u meta jiffaċċja tbatija finanzjarja minħabba aċċident, mard jew ċirkostanzi oħra,” is-Sur Galea qal. “Irnexxielna nżommu l-profittabilità tagħna billi aħna nassiguraw ir-riskji li nieħdu,” hu żied.
 
Il-President u l-Kap Eżekkutiv Felipe Navarro ippreżenta r-rapport finanzjarju sħiħ. Hu qal li l-kumpanija qed tkompli tinvesti fin-nies tagħha, fil-governanza kif ukoll fit-teknoloġija. MAPFRE MSV Life kompliet turi riżultati rekord permezz ta’ bejgħ ta’ investimenti Single Premium. Il-Kumpanija żammet riżultati tajbin għall-investituri tagħha, meta mqabbla mal-bqija tas-suq, b’massimu ta’ 2.35%, minkejja s-sitwazzjoni ekonomika li tmur kontra l-investiment. Ir-rata tal-imgħax baxxa tkompli tippreżenta sfida lill-investituri. 
 
Il-Grupp MAPFRE għandu 54.56% tal-kumpanija u għalhekk MAPFRE Middlesea u MAPFRE MSV Life huma sussidjarji ta’ MAPFRE Internacional. “Li nkunu parti minn grupp internazzjonali tal-assigurazzjoni jfisser li niksbu appoġġ u kompetenza kbira f’numru ta’ oqsma. Dan jinkludi taħriġ, appoġġ tekniku dwar sottoskrizzjoni, aktar kontrolli u assistenza teknika, speċjalment fir-rigward ta’ regolamenti ġodda fejn tidħol Solvenza II,” Is-Sur Navarro qal.  Il-Bank of Valletta għandu 31.08% ta’ MAPFRE Middlesea u huma azzjonisti importanti ħafna ta’ MAPFRE MSV Life b’50% tal-kumpanija.
 
Matul din il-laqgħa ġenerali, l-azzjonisti approvaw ir-riżoluzzjonijiet ordinarji u straordinarji, inkluż il-ħlas ta’ dividend nett finali ta' € 0.0978261 u dividend nett straordinarju nett ta '€ 0.0869565 għal kull sehem.
 
Fil-Laqgħa tal-Bord imsejħa immedjatament wara l-Laqgħa Ġenerali Annwali, is-Sur Martin Galea ġie maħtur bħala President tal-Bord tad-Diretturi ta’ MAPFRE Middlesea plc. Il-Bord tad-Diretturi, ikkonferma mill-ġdid lis-Sur Nikolaos Antimissaris, minn MAPFRE, bħala Direttur mhux Eżekuttiv u ħatar lil Dr Daphne Sims Dodebier bħala Segretarju tal-Kumpanija ġdid biex jissostitwixxi lis-Sur Carlo Farrugia li ppreżenta r-riżenja tiegħu.
 
MAPFRE Middlesea p.l.c (C-5553)  u MAPFRE MSV Life p.l.c. (C-15722)    huma awtorizzati taht l-Att dwar il-Kummerc tal-Assigurazzjoni,  Kap 403 tal- Liġijiet ta’ Malta. 
 
 
 
L-entitajiet kollha huma regolati mill-MFSA.
Back to top