The consolidated Mapfre Middlesea Group result for the first six months of 2016 amounted to a profit before tax of €5.67 million, compared to €15.18 million registered during the comparative period last year.

However, the company explained that the June 2015 result was an exceptional one particularly for MSV Life, both due to a one-off reinsurance cost adjustment and returns on financial investments that peaked in the first six months of 2015.

The growth in general business acquired by Mapfre Middlesea during the last 12 months and the growth in operations to support it, also increased the cost base of the company significantly.

“With such portfolios still being fully assimilated, and with pricing still being adjusted, the resulting technical result performed below the comparative period of 2015,” the company said.

The results of MSV reflect the introduction of an annual management charge on assets under management introduced at the beginning of the year which provides stability to the results shielding them from the impact of fluctuations in the financial markets.

Group’s gross premiums written increased by 44.9 per cent during the first six months of 2016. The group continues to enjoy a healthy solvency position.

The board is not proposing an interim dividend.

EC shortlisted for award

Maltese-owned EC English Language Centres has been shortlisted as a finalist for the UK Customer Experience Awards 2016 (UKCXA).

The international language school received the nomination following the success of its Orange Carpet Experience, an initiative unique to EC.

The Orange Carpet Experience involves a number of key steps to provide a positive, memorable language-learning journey, starting even before the student arrives at their EC destination.

The winners of UKCXA 2016 will be announced on September 23 at a ceremony in London.

Darag acquisition in Italy

European run-off insurance specialist Darag has agreed to acquire Ergo Assicurazioni from Ergo Italia, the Italian insurance consolidator.

This acquisition is subject to regulatory approval. This will be Darag’s first transaction in Italy and a milestone for its growth strategy in Europe. The consideration for the transaction has not been disclosed.

Ergo Assicurazioni was part of the Ergo Italia Group sold by German insurance group, Ergo Group, in 2015. Its portfolio is diversified and includes all major retail non-life personal line products.

Once authorised, Ergo Assicurazioni will be renamed Darag Italia and will become the third strategic insurance company within the Darag Group and a platform for Darag´s activities in Southern Europe.

Deloitte Q3 outlook available

In the latest issue of the Deloitte Global Economic Outlook, the team of global economists offers views on the UK, eurozone, US, China, Japan, Brazil, Mexico, South Africa, India and the economic implications of oil price fluctuations.

This year, there were new uncertainties concerning the global economy, not the least of which is the British referendum in which a majority voted to exit the EU. This raises questions about the short- and long-term outlooks for Britain, the future of the eurozone and the future of globalisation and economic integration.

The Deloitte Global Economic Outlook Q3 2016 may be downloaded from http://www2.deloitte.com/mt/geo .

Investment in new offices for RSM

Mid-tier audit, accountancy and advisory firm RSM has made a substantial investment to relocate its Malta operations to new offices in Żebbuġ. The new RSM Centre will feature state-of-the-art facilities for the firm’s 100 employees as well as additional spaces for client interaction.

Earlier this year, the firm merged with Spiteri Bailey & Co. and continued to operate from split sites in Mrieħel and Birkirkara. The new RSM Centre will bring the firm’s services under one roof, thus enhancing client relationships, staff welfare and internal operations.

RSM is a member firm of RSM International, employing a pool of professional staff in various disciplines including accounting, audit, corporate services, IT, tax and risk management.

European Commission launches public consultation on personal pensions

The Commission services has launched a public consultation on personal pensions. Personal (or private) pensions are long-term savings products that individuals contribute to on a voluntary basis, complementing state and workplace pensions.

The consultation invites individuals to provide information on their experience using personal pension schemes and whether they are interested in using these schemes to save for their retirement.  It will also seek the views of professionals working in the pensions industry and their interest in offering simple, affordable and transparent personal pension products which work towards providing better returns.

The EU’s changing demographics means that the proportion of workers supporting those in retirement will be halved by 2060. As a result, European pension systems will face the dual challenge of remaining financially sustainable and being able to provide an adequate income to pensioners.

The consultation will enable the Commission to assess what can be done at EU level to support a wider choice of personal pensions competing across borders.

As key players in capital markets, increasing investment in personal pensions is one of the priorities of the Capital Markets Union. They offer the potential to inject more savings into capital markets and channel additional financing to productive investments.

The public consultation will run until October 31.

GO doubles international data capacity

GO has doubled the data capacity of its international submarine cables following a major upgrade. The project forms part of GO’s ongoing major investments in Malta’s telecommunications infrastructure to meet future demand from both domestic and business customers.

The upgrading of GO’s international fibre links over the past year means that the company’s submarine cables now carry twice the quantity of optical wavelengths that they did this time last year. At the same time, the roll-out of Fibre-to-the-Home and Malta’s only fibre-connected 4G network has resulted in increasing demand from customers in all categories of international connectivity, from household internet traffic to major businesses and institutions. This demand will continue to increase exponentially as the volumes and uses of data increase and more devices, such as cars and domestic appliances, become connected to the internet.

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