Mapfre MSV Life plc registered a profit before tax of €11.6 million for the year ended December 31, 2016, down 25.6 per cent on the previous year where a €15.6 million profit before tax was generated.
Last year’s profit, however, was influenced by a one-off pre-tax gain of €5.05m arising as a result of a major restructuring of the company’s reinsurance programme replacement as from financial year 2015.
Profit after tax stood at €8.6 million, down 14.9 per cent on the previous year.
Operating results were supported by strong inflows of premium revenue across the company’s range of life insurance, savings and investment products resulting from stronger customer demand.
Gross premiums written for financial year 2016 increased by 23.5 per cent from €220.8 million to €272.6 million. This was mainly due to an increased demand across all products in particular single premium savings contracts and life protection business.
Claims increased to €144.4 million through the year compared to a prior year €109.2 million due to a higher amount of maturing medium-term single premium contracts, the large proportion of which has subsequently been re-invested in new medium-term contracts.
In aggregate the balance on the long-term business technical account decreased to €10.7 million from a prior year €14.1 million as a result of the non-recurring gain from the restructuring of the reinsurance programme in 2015. However, the technical result was still supported by strong business growth and technical performance.
The Mapfre MSV Group’s total assets increased by 10.7 per cent from €1,743.9 million at the end of 2015 to €1,930.4 million at the end of 2016, while net technical provisions (including investment contracts without DPF) increased by 11per cent from €1,561.1 million in 2015 to €1,733.4 million in 2016.
The directors recommended the payment of a final net dividend of €11.55 million (2015: €5 million).
Finance Malta annual conference to discuss global and domestic industry opportunities
Finance Malta’s annual conference will this year discuss the prospects and opportunities brought about by global events and technology. Entitled ‘Malta’s Financial Services Industry – Taking the Next Quantum Leap’, the conference will address issues such as the implications and opportunities brought about by Brexit and the implications of this development within the context of the Commonwealth, Fintech, Crowdfunding and Blockchain, as well as a number of other global and domestic industry-related developments. The conference will kick off with a pre-conference networking event on May 17 and a full-day conference on May 18 at the Hilton Conference Centre.
Finance Malta chairman Kenneth Farrugia said: “During this year’s conference we will be discussing the challenges and opportunities of the financial services sector in its drive to take a quantum leap and strengthen its position in the current financial sectors, but also to also focus on the new emerging sectors that will support the business. However, for this to happen, we need to be innovative to harness the opportunities brought about by technology.”
A keynote address will be given by Prime Minister Joseph Muscat. The event will also include an address on ‘The UK, Brexit and Malta: Implications and Opportunities for the UK and Malta.’
APS Bank joins Loan Market Association
APS Bank has become a member of the UK-based Loan Market Association (LMA).
The LMA was set up in 1996 and is made up of 640 members from 61 countries, with a mix of banks, law firms, borrowers, regulators and educators which come together to promote syndicated loans as a key debt product and to establish sound, acceptable practices in the primary and secondary markets. “I’m confident that this membership will make us more pro-active to the needs of the loan market, while giving our customers peace of mind on the transparency of our lending products,” said Marvin Farrugia, senior manager, Asset-Liability Management at APS Bank and the bank’s nominated representative for the LMA.
New stock exchange listing
Von der Heyden Group Finance plc has announced the successful public offering, placement and listing of its €25 million 4.4 per cent unsecured bonds 2024.
Malta Stock Exchange CEO Simon Zammit welcomed the company to the fold and congratulated chairman Sven von der Heyden and executive director Robert Rottinghuis as well as Nick Calamatta of Calamatta Cuschieri on the achievement.
Mr von der Heyden said: “The placement and listing of a corporate bond issued by our fully owned subsidiary is a milestone for the Von der Heyden Group. We feel obliged and honoured at the same time to have more than 1,300 bondholders and look with great expectations into the future. This placement will enhance our capability to reach our ambitious goals for the years to come.”
Von der Heyden Group Finance plc forms part of Von der Heyden Group (VDHG), which is a high-quality niche player in the European real estate market and has been successfully developing Class A office buildings and hotels in top central and strategic locations in Germany, Poland and Spain. The group is commonly known for its high-end finishes and quality, and at all times achieved record prizes for its award-winning projects.
With over 25 years’ sound experience and continuing presence on European markets, VDHG enjoys the trust of international financial institutions, funds and big market players, as well as embassies, governmental institutions and cities.
Since 1989, a volume of investment of around €350 million has been achieved in Poland, Germany and Spain. There are plans to invest a further €175 million during the next three years, including equity and debt.