Middlesea Valletta Life registers post-tax profit of €1.92 million

Middlesea Valletta Life Assurance (MSV) has registered a profit after tax of €1.92 million for the year ended December 31, 2008, a decrease of 63 per cent over the 2007 result.

Business underwritten decreased by 19 per cent from €135.91 million in 2007 to €109.70 million in 2008, while the company's total assets increased marginally from €832.25 million in 2007 to €843.02 million at the end of 2008.

The board of directors of MSV approved a resolution in which differential rates of regular bonuses were declared in respect of with-profits plans held with MSV for the year ending December 31, 2008. These ranged between 3.65 per cent to 3.8 per cent. On the 'old series' endowment and whole life policies, a regular bonus of 2.2 per cent of the basic sum assured plus bonuses was declared. The board also approved a regular bonus of 3.45 per cent on secure growth policies which formed part of the portfolio of business transferred to MSV from Assicurazioni Generali S.p.A. during 2000.

MSV is to shortly send policy account and bonus statements to all policyholders holding with-profits investments with the company.