Middlesea Valletta Life Assurance said today that it made a pre-tax profit of € 5.50 million in the first six months of this year, an increase of €5 million over the same period last year. Profit after tax amounted to €5.22 million.

Business Written increased by 48% from €50.11 million up to June 2009 to €74.19 million in 2010, whilst the company’s Total Assets increased by 7% from €999 million as at the end of 2009 to €1,066 million at 30 June 2010.

Gross Investment Income increased from €8 million as at 30 June 2009, to €23.3 million as at 30 June 2010.

Administrative costs fell from €2.60 million in June 2009 to €2.42 million this year.

MSV chairman Roderick Chalmers said the investment return reflected the more positive sentiments experienced in the financial markets.

“Whilst 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 organizational structure and operations that is currently under way. He said the need for the internal restructuring of the company stemmed from the rapid growth of MSV’s business.

Middlesea Valletta Life Assurance Company Ltd. (C-15722) is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, 1998.

COM 170810 488

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