Middlesea Valletta Life Assurance Co Ltd, Middlesea Group’s life assurance company, has registered a profit before tax of €5.50 million for the six months ended June 30, an increase of €5 million over the same period last year. Profit after tax amounted to €5.22 million.

Business written increased by 48 per cent from €50.11 million up to June 2009 to €74.19 million in 2010, while the company’s total assets increased by seven per cent from €999 million as at the end of 2009 to €1,066 million last June.

Gross investment income increased from €8 million to €23.3 million as at June 30. Administrative costs reduced from €2.60 million to €2.42 million in the same period, due to increased operational efficiencies.

MSV chairman Roderick Chalmers stated: “The first six months of 2010 saw a very strong performance by MSV, both in the volume of business written and in its profitability. With an investment portfolio in excess of €992 million, the investment return has also reflected the more positive sentiments experienced in the financial markets.”

“While challenging economic times are clearly not yet over, the consistent performance and strong financial and operational base of MSV put it firmly on track for another positive financial year.”

David Curmi, MSV’s CEO, referred to the review of MSV’s organisational structure and operations that is currently under way. Mr Curmi explained: “The need for the internal restructuring of the company arises from the size and rapid growth of MSV’s business. The process of restructuring MSV into a self sufficient, stand-alone company is on track, and is expected to be completed by the end of this year.”