MAPFRE MSV Life made a pre-tax profit of €12.3 million for the year ended 31 December 2017, up 6.6% on the previous year. Profit after tax was €10.0 million, up 16.7% on the previous year.

The company said operating results were supported by strong inflows of premium revenue across the company’s range of insurance and investment products resulting from stronger customer demand.

Gross premiums written for financial year 2017 increased by 6.1% from €272.6 million to €289.2 million. This was mainly due to an increased demand across all products in particular single premium savings contracts and life protection business.

Claims decreased to €137.4 million through the year compared to a prior year €144.4 million. During the year the company had a lower mix 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 increased to €11.8 million from a prior year €10.7 million as a result of a technical result improvement well supported by strong business growth and underwriting performance.

The MAPFRE MSV Group’s total assets increased by 9.7% from €1,930.4 million at the end of 2016 to €2,116.8 million at the end of 2017, whilst net technical provisions increased by 10.7% from €1,733.4 million in 2016 to €1,918.8 million in 2017. 

The directors recommended the payment of a final net dividend of €12.30 million (2016: €11.55million).  

The MAPFRE MSV With Profits Fund stood at €1.79 billion at 31 December 2017 (2016: €1.61 billion).   

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