Global Capital Group registered a loss after tax of €2,406,685 in the year ending December 31, compared to a loss of €4,193,670 as at end of December 31, 2011.

It said the results were impacted by a negative shift of 31% in local equity shareholdings which resulted in losses of €2 million offsetting its positive operating performance.

"Those unrealised losses reflect the overall continued under-performance of some of the local equities in the market which it is hoped will be reversed in the future. In addition, certain legacy issues, particularly other provisions of €446,000 and property impairment at €352,680 further reversed a positive operational performance. The prevailing uncertainty within the Eurozone has increased volatility in the financial markets hampering the turnaround of the Group results," the group said.

The group said its operational results were the best in five years. 

The value of in-force business (VIF) was up by 15% since 2010 to €3.3m. Embedded Value of life business accelerated to €12.6 million.

GlobalCapital Health Insurance Agency increased its profit after tax to €859,798.

GlobalCapital Financial Management reported an inflow increase of 7% over 2011.

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