Middlesea Insurance plc yesterday approved a dividend distribution of Lm750,000 based on the results generated last year.
During the company's annual general meeting it was announce that this dividend will be paid from the company's untaxed account and will therefore be subject to a final withholding tax of 15 per cent on distribution. This was the 21st consecutive year that a dividend was declared and distributed.
The gross premiums written by the Group amounted to just under Lm36 million. Net technical reserves increased by 13 per cent to Lm47.2 million and the ratio of net technical reserves to net premiums written was 160 per cent at the end of the year.
Shareholders' funds grew by 10 per cent to Lm24.07 million. The net asset value per share was Lm1.93 and the earnings per share increased by 49 per cent to 12c7. Total Group assets increased by almost 7 per cent to Lm100.2 million.