Middlesea Valletta Life Assurance Co. Ltd (MSV) has registered a profit before tax of €7.64 million for the year ended December 31, 2009, an increase of €6.44 million over 2008. Profit after tax increased from €1.92 million in 2008 to €6.20 million in 2009.
Business written increased by 14 per cent from €110 million in 2008 to €125 million in 2009, while the company's total assets increased by 19 per cent from €843 million at the end of 2008 to €999 million at the end of 2009.
Total equity at the close of 2009 amounted to €107 million, an increase of 19 per cent over the previous year, while the earnings per share increased from 12c3 in 2008 to 37c in 2009.
The chairman of MSV, Roderick Chalmers, said: "These set of results are the best ever registered by MSV since its establishment in 1994, and coincide with MSV's 15th anniversary. It is indeed encouraging that these results were registered only a year after the unprecedented financial turmoil experienced in 2008."
Mr Chalmers added, "MSV has benefited from the strong recovery of the international capital markets in the second half of 2009, as its conservatively positioned and diversified portfolio of quality assets was well placed to capture the upturn in investment markets. Simultaneously, MSV continued to experience a strong demand for its savings-related insurance policies. MSV is reaping the benefits of its strategy of promoting and providing a broad range of value-for-money savings, investment and protection products and services through a multi-channel distribution platform."
The board of directors of MSV approved a resolution whereby differential rates of regular bonuses were declared in respect of with-profits plans held with MSV for the year ending December 31, 2009. The bonus rates are 3.25 per cent for the Comprehensive Life Plan (regular and single premium policies), 3.45 per cent in respect of the Comprehensive Flexi Plan (regular and single premium policies), 3.45 per cent under the Single Premium Plan and 3.45 per cent under the with-profits option of the MSV Investment Bond and of the MSV Retirement Plan.
On the "old series" Endowment and Whole Life policies, a regular bonus of 2.2 per cent of the basic sum assured plus bonuses was declared.
Finally, the board also approved a regular bonus of 3.45 per cent on those secure growth policies which formed part of the portfolio of business transferred to MSV from Assicurazioni Generali SpA during 2000.