Middlesea Group ended last year with a profit before tax of €17.3 million, slightly down from the €18 million registered the previous year.

After deducting tax, the group enjoyed a profit of €9.8 million.

In view of these results, the group is recommending a gross dividend of €0.045 per share, amounting to a total dividend of €4,140,222 (2012: €2,300,000).

The group’s results include the consolidated MSV Life results of €15.4 million (2012: €15.9 million) with a reported turnover of €111.3 million compared with €87.3 million in 2012.

This was a result of increases across various classes of protection business and stronger single premium business.

The upturn in equity and bond markets kept revenue patterns similar to 2012, with net investment income increasing from €95.44 million to €98.1 million in 2013.

In the previous year there was a significant one-off deferred tax gain whereby all unutilised tax amounts available for relief against future taxable income in terms of the applicable law were recognised.

With regard to the stand-alone holding company, Middlesea Insurance also reported satisfactory performance.

Gross profit before tax amounting to €5.9 million includes dividends from subsidiary companies of €4 million.

Pure technical results on local business (including Group Life) improved by 1.71 per cent and stood at €7 million compared with €6.95 million in the previous year.

Investment income went down due to lower fair value movement, particularly on the property portfolio and negatively influenced by currency movements.

Commenting on these results, the board of directors said the launch of a range of innovative and enhanced products coupled with services offered, pioneered by the company, have bolstered the image of Middlesea Insurance plc and the brand name of Mapfre.

Middlesea is a member of the Mapfre Group, a Spanish organisation that develops insurance, reinsurance and services activities.