Middlesea Valletta Life makes pre-tax profit of €7.64 m

Middlesea Valletta Life Assurance has reported a pre-tax profit of €7.64 million for the year ended 31 December 2009, an increase of €6.44 million over 2008.

Profit after tax increased from €1.92 million in 2008 to €6.20 million in 2009.

Business Written increased by 14% from €110 million in 2008 to €125 million in 2009, whilst the company's Total Assets increased by 19% from €843 million at the end of 2008 to €999 million at the end of 2009.

Total Equity at the close of 2009 amounted to €107 million, an increase of 19% over the previous year, whilst the Earnings per Share increased from 12c3 in 2008 to 37c in 2009.

The Chairman of MSV, Roderick Chalmers, said that these results were the best ever registered by MSV.

"It is indeed encouraging that these results were registered only a year after the unprecedented financial turmoil experienced in 2008."

The Board of Directors of MSV approved a resolution whereby differential rates of Regular Bonuses were declared in respect of with-profits plans held with MSV for the year ending 31 December 2009. The Bonus Rates are 3.25% for the Comprehensive Life Plan (regular and single premium policies), 3.45% in respect of the Comprehensive Flexi Plan (regular and single premium policies), 3.45% under the Single Premium Plan and 3.45% under the with-profits option of the MSV Investment Bond and of the MSV Retirement Plan.

On the ‘Old Series' Endowment and Whole Life policies, a Regular Bonus of 2.2% of the basic sum assured plus bonuses was declared.

The Board also approved a Regular Bonus of 3.45% on those Secure Growth policies which formed part of the portfolio of business transferred to MSV from Assicurazioni Generali S.p.A. during 2000.