MSI plc first half pre-tax profits soar
Middlesea Insurance plc registered a pre-tax profit of €7.17 million for the six months to June 30, compared to €1.58 million in the first half of last year. Profits after tax quadrupled to €4.63 million – €2.79 million of which attributable to shareholders – compared to a profit after tax of €1.12 million in the same period last year.
The board did not propose to pay an interim dividend for the first half of the year. No interim dividend was paid last year.
Total group equity attributable to shareholders amounted to €60.23 million as at June 30, up from €56.51 million at December 31, 2011.
General business gross premium written increased by 7.3 per cent from €17.1 million last year to €18.36 million to June. Long-term gross premium written reduced by 36 per cent to €45.50 million compared to €70.86 million in the comparative period in 2011.
Financial market movements had a positive influence on the investment portfolio returns, particularly that of MSV Life plc, the life assurance company. The downward trend on the Malta Stock Exchange was mitigated by an improved sentiment on foreign financial markets which, however, showed a downward trend in the last two months as a result of the uncertainties shrouding the eurozone economic situation.
MSI plc, part of the Mapfre Group, said it looked to the second half of the year with cautious optimism. Focus will remain on improving return to shareholders through enhanced technical performance and cost trimming in the current bleak economic and financial environment.
The group will continue to offer a wider range of products tailored for the changing needs of its diverse client base, leveraging its experience in Malta’s competitive local market.