GlobalCapital Group has reported a loss after tax of €3.7 million in 2013, a figure which includes an impairment of its property holdings of €2.5 million. 

It said it had good operational performance in its core insurance business. Health insurance recorded record profits while life insurance showed positive growth in the value of in-force business (VIF), which has been enhanced by new product development.  

Group CEO Bashar Khatib said real progress was being made in the provision of insurance products and advice which were attractive to Maltese families.

The group said that attention to process efficiencies and reducing costs generally had resulted in a further saving of €500,000 in 2013. This, together with a continuing programme of restructuring, had reduced the group’s cash loss to its lowest level in five years. Nevertheless, the group has reported a loss after tax for 2013 of €3.7 million.

 

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