Mapfre MSV Life 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 influenced by a one-off pre-tax gain in 2015 of €5.05 million arising as a result of a major restructuring of the company’s reinsurance programme.

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 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.

The directors recommended the payment of a final net dividend of €11.55 million (2015:  €5 million).

The company’s expected Solvency II Ratio as at December 31, 2016 reported to the MFSA is 307 per cent and 288 per cent before and after the payment of dividend respectively.

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