Middlesea Insurance announced that total group profit before tax for the year ending December 31, 2014, amounted to €17.31 million, exactly the same as the previous year.

The parent company registered a satisfactory result on its operations with a 55 per cent increase in the balance of the technical account for general business. The year saw core business premium volumes increasing by 12.6 per cent to an all-time record.

The group’s results include the consolidated MSV Life plc profit before tax of €14.26 million (2013: €15.48m). MSV, jointly owned with Bank of Valletta, reported a turnover of €156.05 million (2013: €111.32m) as a result of increases in demand across all products, in particular the life protection business and single premium savings contracts.

The resilience and upturn in equity and bond markets produced stronger returns than those registered in 2013 with net investment income increasing from €98.19 million in 2013 to €119.38 million in 2014.

During the year the company consolidated its strong balance sheet, maintaining a strong regulatory solvency position of 486 per cent on its general business, when compared to the minimum regulatory requirement of 150 per cent.

A gross dividend in respect of €0.05127 per share amounting to a total of €4.7 million (2013: €4.1m) is to be proposed by the directors at the forthcoming annual general meeting.

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