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Middlesea Insurance posts €18 million group profit before tax

A €17.98 million group profit before tax was announced today by the board of Middlesea Insurance plc today for the year ended 2012.

The board expressed its satisfaction for the results bolstered by the launch of a range of innovative and enhanced products coupled by services offered.

The company’s operations registered improved technical results with a 10.7 per cent increase in gross premiums written, which were buoyed by improved investment income, and higher dividends from group companies, the latter amounting to €1.22 million compared to €0.72 million in 2011.  The profit before tax generated by MSI for FY 2012, amounted to €3.26 million, compared to a profit of €1.75 million in FY 2011.

The group’s results include the consolidated MSV results of €15.98 million (2011: €1.64 million as an associate (up to July 29, 2011) and consolidated results before tax of €0.4 million).

MSV reported a decrease in turnover of €87.3 million compared to €128.0 million in 2011 as a result of lower demand for single premium business. Despite subdued customer confidence, new sales of the protection and regular savings policies held up well compared with previous year figures.

The upturn in equity and bond markets allowed net investment income to increase substantially from €8.1 million in 2011 to €95.4 million in 2012.

During the year, the group consolidated its strong balance sheet, increasing its shareholders’ equity to € 67.2 million from €56.5m in 2011. Middlesea Insurance improved its regulatory solvency position on its general business as at December 31 to 603 per cent (2011:386 per cent), when compared to the minimum regulatory requirement of 150 per cent.

The directors recommended the payment of a final net dividend of €1,745,000 (2011 – €598,000) equivalent to a gross dividend of 2c5 per share (2011 – 1c). The final dividend, if approved at the AGM, will be paid on May 17 to the shareholders on the company’s share register at the central securities depository of the Malta Stock Exchange at the close of business as at the April 22.

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